Built to inform

Sign up for the daily newsletters

No, Thank you

Limitless inks government deal for Vietnam project

Company signs MoU with Quang Ninh province to move forward Halong Star

NEWS, Business

Dubai developer Limitless has signed a Menorandum of Understanding with the Vietnamese Government to pursue its mixed-use project overlooking the Halong Bay UNESCO World Heritage site.

The agreement was signed by Limitless chairman Ali Rashid Lootah and Pharm Minh Chinh, who is a senior official from the country's Quang Ninh Province.

A Limitless spokesman said the agreement provided another step forwards towards the project being built.

Halong Star is a mixed-use, tourist-led development containing hotels, a hospitality school, a cultural arts village and up to 4,000 residents and guests. THe first phase of the project involves building residential units.

The company first announced plans to build a $220m resort back in 2007, but when the financial crisis hit the company, which was in the midst of a number of projects in the UAE, Vietnam, Russia Saudi Arabia and Jordan, was saddled with a $1.2bn debt.

However, after concluding restructuring talks in October last year, Lootah said the company had "no excuse not to go forward and start implementing our plans.

Last month, it signed a deal with investor Sovico Holdings to form a joint venture to build the scheme. Sovico has interests in the property, finance and air transport sectors.

Most popular

Awards

New category open for consultancies at CW Awards 2019 in Dubai
Sub-Consultancy of the Year to be crowned for the first time at the gala ceremony

Conferences

Leaders UAE 2019: Pinsent Masons confirmed as Gold Sponsor
Law firm is among the major construction industry players confirmed as sponsors for Leaders UAE's
Leaders in Construction UAE Summit returns in Sept 2019
Dubai conference to see top officials discuss the people, trends, and challenges that will power

Latest Issue

Construction Week - Issue 746
Jul 20, 2019