Al-Ahli Bank Receives US$23.4 Million Nakheel Payment

AlـAhli Bank of Kuwait (ABK) said it had received US$23.4 million from Nakheel, which was owed by the troubled Dubai stateـowned property developer. The sum represented the original debt with accumulated interest, the bank said in a statement on the Kuwait bourse website, without specifying whether the debt was in the form of loans or bonds.

Kuwait's central bank governor said late November that ABK has exposure of US$20 million worth of bonds from Nakheel. Earlier in December 2009, the bank said its debt exposure to Dubai World's subsidiary was not harming business.

Abu Dhabi threw Dubai a US$10 billion lifeline on 14 December 2009 to head off a bond default by Nakheel, and keep its parent, Dubai World, afloat through to the end of April 2010. - AlWatan