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Flags displaying Nakheel brand fly near the Marina Harbor development on Dubai World’s Palm Jumeirah island in Dubai in this photo dated April 8, 2010. Dubai property developer Nakheel is seeking to borrow 5bn dirhams ($1.4bn) from banks, sources aware of the matter said, in what would be its first attempt to raise sizeable debts since it almost collapsed at the turn of the decade. Nakheel, at the centre of a debt crisis in Dubai in 2009 after a crash in real estate prices, is in talks with a small group of banks regarding the financing, the sources said, adding talks were at a preliminary stage. The state-owned developer, whose flagship Palm Jumeirah project ranks as the world’s biggest man-made island, has asked banks to provide it with prospective pricing if it borrowed for eight- to 10-year terms, said two of the sources, who declined to be identified as the information is private. The company declined to comment on the loan talks. Nakheel will use the funds for construction projects, one of the sources said.
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