Nakheel PJSC, the builder of man- made islands off Dubai’s coast, said some of the land used as collateral for a $1.31 billion Islamic bond is at the bottom of the Persian Gulf.
“The land has been valued by reputable companies and was accepted by lenders and trade creditors,” Chairman Ali Rashed Lootah said after a press conference today, without saying who evaluated the asset. “What’s the issue?”
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