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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 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.
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.
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
Jafza opens representative office at Tasjeel inside Free Zone
Jafza, the flagship free zone under Economic Zones World, announced the opening of a new representative office in the Tasjeel Vehicle Registration Centre located at the ENOC petrol station near Junction 13 inside the free zone. Reaching out to its customers’ need for faster and easier transactions, the new office will considerably reduce the time for new, renewal or cancellation of registration of their light commercial and passenger vehicles.
Economic Zones World lends support to environmental awareness campaign, ‘Our Earth – We Will’
Economic Zones World, parent company of Jafza, Gazeley, TechnoPark and DAZ, has lent its support to ‘Our Earth – We Will’, a global environmental awareness campaign created to educate people, particularly children about the dangers of global warming and the actions that are needed to remedy the situation.
Drydocks World – Southeast Asia begins 2010 on a High Note with US$200 million in orders
Southeast Asia Pte. Limited (“DDW-SEA”), the Southeast Asian subsidiary of Drydocks World, has clinched newbuilding and conversion orders worth more than US$200 million since the start of this year.
DP World and Dubai World chairman first person to set foot on new land at London Gateway
The Chairman of DP World and Dubai World has become the first person to step on land created at the UK’s newest port and logistics development, London Gateway.
