Nakheel, the indebted property developer owned by Dubai World, has secured agreement on 50% of claims totalling $1.6bn (Dh5.87bn) from its trade creditors.

The company is also hiring consultants to speed up the settlement of payments and revive projects.

The Palm islands developer, which is restructuring $10.5bn worth of debt, said last month it would start paying contractors and suppliers once it had secured consent on 65 per cent of claims from creditors.

The move came a month after Dubai World disclosed plans to inject $8bn of fresh capital into Nakheel as part of a $24.8bn debt restructuring.

The National