Business | Property
Limitless plans to invest Dh1.1b in Jordan realty this year
Limitless, a real estate development arm of Dubai World, plans to invest $300 million (Dh1.1 billion) this year in Jordan's property sector, which is seeing growing interest from Gulf investors.
- By Shakir Husain, Staff Reporter
- Published: 01:27 January 21, 2008
Dubai: Limitless, a real estate development arm of Dubai World, plans to invest $300 million (Dh1.1 billion) this year in Jordan's property sector, which is seeing growing interest from Gulf investors.
Limitless has established a new company in Jordan and is considering several real estate projects in Amman and other parts of the country, said Bahaa Abouhatab, country manager for Limitless in Jordan.
"In the first year, our investment is going to be $300 million. It will grow to $1 billion in the next few years," he told Gulf News.
The company's first residential development is expected to be in the Jordanian capital. It is also looking to develop projects in Aqaba and the Dead Sea area.
Abouhatab said Limitless will be developing projects alone initially but will be willing to consider joint venture with local companies.
He said the company is attracted to Jordan because of it location and stable business environment.
Limitless hopes to find both local and Gulf buyers for its residential homes.
"A lot of Gulf people go to Jordan for holiday. It can be a good destination for having a second home. There is also demand for luxury residential properties from people who live permanently in Jordan," Abouhatab said.
"Our new setup in Jordan not only reinforces our position as a key player in the global real estate arena, but also highlights our commitment to the GCC and Middle East region," he said.
The company has announced a number of projects in the last few months both in the UAE and overseas.
The total development value of its projects located in the UAE, Saudi Arabia, India, Vietnam and Malaysia is $100 billion.
Its biggest project is in Dubai and consists of the $11 billion Arabian Canal and $50 billion worth of associated real estate development.
In Saudi Arabia, Limitless is working on the $12-billion Al Wasl plan near Riyadh. It will have 60,000 homes as well as mosques, educational facilities, offices, shopping malls and hotels.
Limitless has offices in China, Singapore, Russia, Poland, Turkey and India, with more being opened later this year.
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