Limitless unveils maiden foray into Russian market

Dubai: Limitless, the global property development arm of Dubai the World, yesterday unveiled Dh40.37 billion ($11 billion) Great Domodedovo project, its first foothold in Russia.

The project will be realised in partnership with leading Russian investment and development company Coalco.

This is one of the largest projects planned by an international developer anywhere in the world today. Spread over 18,000 hec-tares in the Moscow region, Great Domodedovo will be a full-fledged and structurally balanced city.

The development will comprise a carefully weighted grouping of residential, commercial and employment units as well as educational, recreational and entertainment facilities, all supported by world-class infrastructure and amenities.

"Limitless applies a strict set of development criteria both macro and micro in nature to determine which markets it enters or projects it develops," Sultan Ahmad Bin Sulayem, Limitless chairman said in a statement.

"Russia is an extremely attractive market due to active economical development and high potential for large-scale real estate projects. It is one of the strategic markets identified by Limitless and the company is committed to a long-term, sustainable approach to its activities in Russia."

Work on the first phase, involving 3,000 hectares, will commence immediately with construction expected to commence in the second half of 2007. It will include 150,000 residential units, over 600,000 square metres of retail space, 600,000 square metres of commercial space and 750 hectares of employment generating centres.

Saeed Ahmad Saeed, Limitless CEO, said, "There is a significant demand for real estate in Russia. This new city will be developed following the latest trends in modern urban design, and it will be a balanced, well-structured city with its own self-sustainable dynamics."

Vassily Anisimov, President of Coalco's Coordinating Board said, "Great Domodedovo is a significant project for Russia and an outstanding urban development in the Moscow region, which will boost its economic growth."