Indebted Dubai island developer Nakheel gets cash injection from government bond funds

Dubai’s Nakheel says it received government funds

DUBAI, United Arab Emirates — The Dubai developer behind the city’s manmade islands says it has received a portion of government funds aimed at reviving the Mideast financial hub’s ailing economy.

The state-owned developer Nakheel said in an e-mailed statement Monday that it has “benefited from an injection of capital” from a $10 billion batch of bonds issued by Dubai.

The company did not say how much it received.

Contractors working in the boomtown complain some Dubai developers have been late with payments. The government stimulus funds were meant to make up for a cash shortfall at some of the emirate’s state-linked companies.

Nakheel has $3.5 billion worth of debt coming due this year.