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Dubai World takes Real Estate expertise global with the launch of Limitless - the Region's first integrated property developer

Limitless L.L.C., an integrated real estate development company launched today, intends to become one of the world’s leading developers.  Limitless is a new business unit of the recently established holding company, Dubai World.  It plans to leverage the experience and expertise of its team, gained while conceptualizing and executing some of Dubai’s most prominent projects, to create balanced, distinctive developments in selected markets around the world.  Limitless will also act as the incubator, innovator and master-planners for selected complementary real estate projects for Dubai World.

Chairman of Dubai World, Sultan Ahmed Bin Sulayem said in a statement about Limitless, “Dubai World, under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, has a vision of taking the expertise nurtured locally in various industries to international markets.  In this context, Limitless will start that process as our first global real estate venture. Limitless will endeavour to become a leading international real estate developer by leveraging the experience gained in Dubai.  In addition, it will serve as a centre of innovation for our real estate activities, whether in the region or beyond.”

Speaking at the launch, Saeed Ahmed Saeed, Chief Executive Officer of Limitless said, “Limitless will take responsibility of every aspect of a project’s development.  While Limitless’ core strength lies in development, it will provide complete and integrated real estate services to its customers from the initial stage of feasibility studies right through to property management with various alliance partners.  However, it is innovation that will set us apart.”  Limitless is currently in negotiations with leading international real estate service providers to provide these alliances.  A formal announcement will be made at a later date.

“Limitless can lay claim to three specific areas of expertise that provide the company with significant competitive advantage internationally.  First, the team is very experienced in master-planning of large scale, urban development projects.  Secondly, the team is equipped to conceptualize and execute complex waterfront and land reclamation projects.  And lastly, the team has the skills and the experience to manage and implement large balanced projects,” Saeed added.

The Limitless team, many of whom were instrumental in developing the Nakheel portfolio, has been behind some of Dubai’s most iconic projects such as the Palm Jumeirah, the World Islands, the Jumeirah Islands, Ibn Battuta Mall and urban developments such as the Gardens and the International City.  The team also includes experts with international experience who have worked on similar large scale projects such as London’s Canary Wharf. 

Limitless plans to undertake projects in international markets, applying a strict set of development criteria both macro and micro in nature to determine which markets it enters or projects it develops.

“Our approach is carefully planned and managed.  We are strategic by nature, not tactical or opportunistic,” he explained.
Saeed acknowledged that much of the initial activity might come from Dubai and the greater GCC region where development activity continues unabated.

On upcoming projects, Saeed indicated that work is very much underway and a formal announcement will be made soon, after all the development features and contracts have been finalised.

“We want to focus on developments where people want to live and not have to live. We are about creating sustainable communities which provide an exceptional working and living experience.  This philosophy is central to the Limitless’ promise of delivering distinction,” said Saeed.
Limitless plans to follow international best practices in not only real estate development but also corporate governance.

“We will adhere to international levels of transparency, openness, corporate governance and accounting principles.  It is part of our corporate culture.  Indeed the essence of our brand, our business, is delivering distinction in everything we do,” he said.

Initial equity capital for Limitless comes from Dubai World, but the company plans to tap the debt markets and also look at strategic investors to finance its early growth and new projects.

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For further information, please visit www.limitless.ae

 

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