Nakheel demands halt on trading in its bonds

November 30, 2009

, DUBAI, Nov 30 – Dubai\’s property developer Nakheel, part of the debt-laden Dubai World conglomerate, has asked for a suspension of trading on all its Islamic bonds traded on NasdaqDubai bourse, the latter said on its website Monday.

"Nakheel has today asked for all three of their listed Sukuk’s (Nakheel Development Limited, Nakheel Development 2 Limited, Nakheel Development 3 Limited) to be suspended until it is in a position to fully inform the market," NasdaqDubai said on its website.

It said the request came following the Dubai government\’s announcement on Wednesday that it intends to request a freeze on Dubai World\’s debt repayments, sending jitters in global financial markets.

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