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DUBAI CRISES Nakheel Posts US$3.65 Billion Loss in H1

Category: Real estate, Posted:10 Dec 2009 | 03:50 am

Back of Dubai World's current USD$59 billion dollar debt crises, real estate arm Nakheel has reportedly lost US$3.65 billion in the first half of the year, mainly on asset value write downs. As covered in the financial press the company has suspended debt repayments on it's Islamic Bond Issue and a workout situation continues to be unclear.
Thailand continues to have some exposure in term of property and hotel grade assets with Nakheel being a joint venture partner in the W. Koh Samui Retreat and Residences and W Bangkok. Though both projects are at various stages of development hence capital and debt formation are in place so it's doubtful there will be issues. Another Dubai World spin off Istithmar who had been a shareholder in publically listed Raimon Land and has disposed of shares, still retains an ownership interest in Bumrungrad PLC.

Other News

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Direct International Flight For Koh Samui Coming

Category: Tourism, Posted:27 Jul 2021 | 11:29 am Koh Samui is set for the resumption of international flights from Singapore on the 1st of August. Under the Samui Plus program and expecting increased demand, Bangkok Airways is taking this first step for the direct overseas service. The initial stage is three flights a week on Monday, Thursday and Sunday. Meanwhile in the Phuket […]
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Thailand Property Takes Urban Flight As Lifestyle Takes Over

Category: Real estate, Posted:26 Jul 2021 | 06:00 am Thailand’s resort real estate markets have experienced a dramatic reset in buyer profiles over the past eighteen months of the pandemic. A strong wave of domestic demand has seen Thais flocking to the country’s leisure destinations and snapping up holiday or second homes. According to new data released by Thai property portal FazWaz, the popular […]
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Just Another Sunday – Catch-Up

Category: Tourism, Posted:25 Jul 2021 | 15:08 pm It’s a great day to catch up on last week’s video sessions. Check out a replay of the special Business Insider Thailand Resort Property online event.  We also talk to a leading Thai developer on rewriting the map in Northwest Phuket, where a second resort-styled CBD is emerging and finally more on the ongoing Sandbox. […]