Dubai's Palm Island developer gets $4.6 bln for new waterfront projects

Dubai state developer Nakheel has secured 17 billion dirhams ($4.63 billion) in financing as the group behind the palm-shaped islands accelerates plans for new waterfront projects including Dubai Islands amid a red hot property market.

Qazet.az reports that, Nakheel said in a statement on Tuesday the financing was done through a syndicate of three banks, Emirates NBD, Mashreqbank and Dubai Islamic Bank.