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Updated Tuesday, December 1, 2009 10:52 am TWN, dpa

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Nakheel asks for Dubai Nasdaq bond freeze

DUBAI -- Nakheel, the real-estate development wing of the troubled Dubai World, said Monday it had asked for a suspension of trading of its bonds on the Dubai Nasdaq market. “Following the announcement on Wednesday 25 November from the government of Dubai, 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,” the statement said.

Last week, state-owned Dubai World asked for a freeze on all its debt, having racked up US$59 billion in liabilities.

Nakheel, known for its palm-shaped islands development, has an Islamic bond of US$3.5 billion due in December.

The nation's central bank said late Sunday that it would supply liquidity to the banks in the country to help cushion the impact, but declined to say how much money it would make available.

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