Limitless forced to put majority of projects on hold
Limitless, which was placed under Nakheel’s stewardship this month, has put most of its projects on hold, while parent conglomerate Dubai World seeks to unify its real estate strategy. In the UAE, work on the Arabian Canal is on hold, whilst Phase 1 of Jebel Ali Downtown spanning 200 hectares over four zones to eventually handle a population of 200,000, has proceeded. The master developer reports that it has progressed sufficiently with infrastructure work for individual third party developers to begin work.
Arabian Canal phase two ‘not cancelled’
The wording in International Construction magazine read ‘Limitless has cancelled Phase two of its US $11 billion Arabian Canal project.’ However, a quote from the developer’s CEO, Saeed Ahmed Saeed used in the same article seemed to contradict this, saying that the contract had simply been postponed from its original award date in March.
News of a “Ground Breaking” New Development in Dubai…
Just when we thought that we had seen it all, Dubai based Development Company Limitless have announced the construction the “Arabian Canal”, a $61 Billion Dollar project designed around a 75-kilometre long canal. Once the canal has been finished – in about three years from work commencing in December 2007 – an extensive waterfront development will be built.
Arabian Canal project plots available soon
Limitless will start selling plots of land surrounding its Arabian Canal project to third-party developers in the next three months. Some of the land will be retained by Limitless for waterfront development.
Factbox: Dubai World restructuring plan
Limitless World, which once attempted to build a 75-kilometre inland waterway called the Arabian Canal, and which has a $1.2 billion loan repayment due later this month, was left out of from Dubai World’s restructuring plan.
Limitless delays debt repayment by 90 days
It comes a week after its parent company said Limitless, best known for its shelved $11bn Arabian Canal project, would not be part of Dubai World’s $24.8bn restructuring. At the time the Dubai Government said Limitless “did not require government support”.
Accommodation
-
GM interview: Janet Fitzner
Radisson Blu Hotel, Dubai Deira Creek’s new general manager, Janet Fitzner, explains why she has already set a target of establishing the creekside property as Dubai’s preferred city hotel
- More from Accommodation
Business & jobs
-
Nakheel takes over Limitless
Limitless, which once attempted to build a 75-kilometre inland waterway called the Arabian Canal, was excluded from Dubai World’s restructuring plan, unveiled in March. Limitless has already succeeded in rolling over a $1.2 billion Islamic loan due in March.
- More from Business & jobs
Weather in Dubai
- Current Weather conditions
Clear19°Chumidity: 72%wind speed: 3 m/s NW
Construction and technology
-
Limitless forced to put majority of projects on hold
Limitless, which was placed under Nakheel’s stewardship this month, has put most of its projects on hold, while parent conglomerate Dubai World seeks to unify its real estate strategy. In the UAE, work on the Arabian Canal is on hold, whilst Phase 1 of Jebel Ali Downtown spanning 200 hectares over four zones to eventually handle a population of 200,000, has proceeded. The master developer reports that it has progressed sufficiently with infrastructure work for individual third party developers to begin work.
- More from Construction and technology
Dubai World
-
Limitless faces future with Nakheel at helm
The timing of the financial crisis was therefore perhaps fortunate for the Arabian Canal project because Limitless had yet to begin selling plots of land, minimising its exposure.
- More from Dubai World
Exchange rates
-
5.05
-
5.90
-
3.67
