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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.
Limitless appoints Tristar for Arabian Canal earthworks
Ian Raine, Project Director, Arabian Canal, said: “Construction of our 75km Arabian Canal is a mammoth task, so we are splitting the earthworks into around 10 different packages. Tristar will work on phase one, and the tender for the second phase will be released shortly.”
Arabian Canal excavations on hold
The future of Dubai’s 75km-long Arabian Canal mega-project was under threat this week after the client suspended the next stage of the procurement process for excavation work. Developer Limitless had invited tenders for the second of 10 phases of earthworks contracts for the £7.5bn mega-waterway project in October 2008.
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.
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”.
UAE’s infrastructure growth seen at 3.3% in 2010
This growth will be fuelled by and large Abu Dhabi, and to a lesser extent transport infrastructure projects in Dubai such as the Green Line metro project, the Al-Maktoum International Airport and the expansion of Dubai Airport,” the report said.
