They have additional projects as well in Dubai and elsewhere around the world.
Last Thursday, 18 international banks inked a deal to loan $1.2 billion Sharia to Limitless, a Dubai-owned developer. The substantial loan amount is designated to fund the firm's global expansion plan.
Emirates Bank, Arab National Bank, Emirates Islamic Bank and National Bank of Abu Dhabi (NBAD) will lead and fully underwrite the deal. Limitless currently has ongoing projects in many parts of the world including Vietnam, Jordan, Saudi Arabia, Russia, India, the UAE, and Malaysia. The loan will provide a considerable portion of the funding needed for these projects.
Currently, the total value of these projects is projected to be over $100 billion, with more developments in the pipeline in areas such as North America, Asia, and Europe. A recent and high profile project that Limitless has undertaken is the Arabian Canal development. Land segments along the canal will be available to property investors through third party developers within the coming months. There will be approximately 75 kilometres worth of usable land along the canal.
While speaking at the MEED Dubai Mega Projects 2008 conference, Ian Raine, Limitless' development manager, announced plans to construct enough homes for nearly 1.5 million residents along the Arabian Canal in Dubai. Contractors have already begun working on the initial contracts along the waterway, estimated at $11bn. These contracts serve as a preliminary trial run before other contracts are to be issued later this year.
Limitless is planning to award future contracts to contractors who are currently undergoing a prequalifying process and will present the project in a series of approximately seven packages. According to Raine, "Most of the contractors we have spoken to prefer to take a percentage of the total works. It is likely to be split into six or seven packages."
Yachts will be able to sail along the canal because it is completely being constructed at sea level. There will be substantial high end retail along the sides of the canal, and property investors have expressed considerable interest.
