Dubai based developer brought cheer for a large number of investors by completing a Dh60 billion (US$16.33bn) financial restructuring yesterday. The firm promised to deliver almost 8,000 homes in the coming year, giving a new push to the real estate sector that remained under pressure in the past due to various reasons.

The Dubai World construction unit, Nakheel PJSC may have to depart the residents without air conditioning as it hasn’t agreed to foot the bill, whereas it earlier received the state cash to shell out to contractors and suppliers.

In an effort to restructure and sort out its debts, Dubai appointed a new board and replaced the Chairman of Nakheel.

The chairman, Sultan Ahmed bin Sulayem, close to Sheikh Mohammed bin Rashid al-Maktoum, has been replaced by Ali Rashid Ahmed Lootah, who is presently the Vice Chairman of Mashreqbank.

Property developer Nakheel is going to start compensating its contractors from subsequent week after Dubai Government’s declaration was made which would thrust $8 billion into the corporation very soon.

The Government is looking for pledge from service providers that they'll complete their projects as per to the new timetables.

Ms Manal Shaheen, the most influential Chief Commercial Officer of Dubai-based Nakheel, has announced her departure from the developer at a time when the real estate developer has been facing tough time and its parent Dubai World is in talks with lenders for restructuring of debts worth $22 billion.

It was put forward by the Australian stock exchange on Wednesday that last of Dubai state-owned property developer Nakheel's stake in Australian developer Mirvac Group has been sold for A$200 million dollars ($167.6 million).

A regulatory filing by the exchange specified that Nakheel's 172 million shares in Mirvac were bought by Deutsche Securities Australia, at A$1.16 a share.

Last year, it was revealed by Nakheel (which has an enormous debt repayment at year-end) that it has mulled to raise its 12.5 percent stake in Mirvac to almost 20 percent.

Monday saw Dubai property developer Nakheel revealing that due to concerns over how it will repay its debt, it is revising the redemption terms for its $750 million sukuk which matures in 2011.

Furthermore, Islamic bonds worth $3.5 billion, which mature in December, are also held by the state-owned developer of palm-shaped islands off the coast of Dubai. There are questions over the government's plan for them.