Home  info info Property Developers of UAE in an Expansion Mode
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Property Developers of UAE in an Expansion Mode |
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A new real estate developer of Dubai, Limitless has announced its plans to tie up with RDI Group of Moscow to create a township which will be just 3 kilometers away from the Moscow’s Sheremetyevo airport. This is the first project by Limitless in Russia after the unsuccessful bid for the Great Domodedevo project in Moscow last year. The township of Limitless the realty arm of Dubai World would be able to house 14000 residents and would be just 24 kilometers north-west of central Moscow. Russia is the key investor in Dubai and the reverse investing plans will encourage UAE to strengthen the bilateral relationship with Russia. Several wealth management agencies of the gulf region are of the opinion that Russia is the right destination for good returns. As far as Limitless is concerned it is of great strategic importance because their ambition to become the top realtor in the country will be stimulated by projects in Russia.
Limitless has plans of expanding its market by collaborating with several leading companies of realty markets of India, China, Malaysia, Vietnam and Saudi Arabia apart from Russia. The company has 7 mega projects in different countries which are worth in excess of $100 billion. The township in the outskirts of Bangalore is jointly developed with the realty powerhouse of India, DLF which will cost about $12 bn once completed. It is also engaged in developing a township near Riyadh, Saudi Arabia with an intention of getting the best out of the housing needs of the region. The firm will march towards its goal by handing over the first completed four commercial complexes near the port of Jebel Ali, one of the main ports of Dubai in the coming weeks.
Dubai based other property developers including Emaar Properties and Dubai International Properties, which was recently renamed as Sama Dubai, are also having several development projects outside the country. UAE is making all efforts to diversify with the oil money to maintain the momentum in economic growth. The pace at which companies and the government of the UAE is getting involved in several projects around the world; they will create a larger market internationally than their domestic one.
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