Dubai Palm Developer Raises $4.6 Billion Loan Amid Housing Boom

Nakheel obtains the loan from a group of local lenders
Interest-rate hikes make it more expensive to raise funds

The Palm Jumeirah in Dubai.
Photographer: Christopher Pike/Bloomberg

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By Archana Narayanan

November 8, 2022 at 5:54 AM UTC

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Nakheel PJSC secured 17 billion dirhams ($4.6 billion) in financing from a group of local lenders, as the developer of Dubai’s artificial palm-shaped islands seeks to kick-off new projects amid a property boom in the city.