Limitless reviews Arabian Canal project and staff

Dubai: Dubai property firm Limitless said it is reviewing the pace of development of its Arabian Canal project, the largest of three it has in the emirate, as well as staffing levels, given the current market conditions.

The firm, which is controlled by government-owned Dubai World, dismissed a newspaper report on Wednesday that it would put sales of their properties on hold, along with another major developer Nakheel, until the local real estate market improves.

Monitoring situation

In an emailed statement to Reuters, Limitless said it had never announced a sales timeline for the project, a 75 kilometre waterway and canal-side city, which will cost $61 billion (Dh224 billion).

"We continue to monitor the market situation and will go to the market when we judge the time to be right," it said.

"While we are reviewing the pace of development in response to market conditions, we will not let this short-term crisis affect the long term vision of Dubai."

The statement added that Limitless does not anticipate any significant changes to staffing levels, however it is reviewing its recruitment programme.

The company's portfolio includes projects in Jordan, Saudi Arabia, Russia, India, Malaysia and Vietnam.