Business | Property
Limitless unveils plans for $12b Saudi project
Limitless, a real estate development arm of Dubai World, said on Wednesday its 45 billion riyal ($12 billion) Al Wasl project in Saudi Arabia will have 50 mosques and eight shopping complexes.
- Staff Report
- Published: 00:38 March 20, 2008
- Image Credit: Supplied Picture
- Al Wasl is the first of several projects in the pipeline for Limitless in Saudi Arabia.
Dubai: Limitless, a real estate development arm of Dubai World, said on Wednesday its 45 billion riyal ($12 billion) Al Wasl project in Saudi Arabia will have 50 mosques and eight shopping complexes.
The 1,411-hectare project, which was announced last October, will create 55,000 homes for 200,000 people.
There will be offices, several hotels, one university, health and educational facilities, and 300 hectares of green, open space.
"In delivering Al Wasl, Limitless will apply its key strengths of creating distinctive, large-scale, balanced projects.
"Al Wasl will bring together a tailor-made development that preserves traditional Saudi culture and a sustainable, modern community that will create some 50,000 jobs," Saeed Ahmad Saeed, chief executive officer of Limitless, said in a statement.
Al Wasl is the first of several projects in the pipeline for Limitless in Saudi Arabia, where 50,000 new homes are needed each year.
The project, one of the largest in the company's portfolio, is being developed near Riyadh.
Work on the development is expected to begin in the middle of this year, with the construction schedule spread over seven years.
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