Limitless gets investment nod for Vietnam project

Dubai developer to build residential and tourism project

NEWS, Projects, Halong Bay, Halong Star, Investment certificate, Joint venture, Limitless, Quang Ninh

Dubai developer Limitless said on Monday that plans to build a residential and tourism project in Vietnam has moved a step closer.

The company said in a statement that the Quang Ninh state authority has issued an investment certificate for Halong Star.

The certificate of investment allows Limitless to legally move forward with the joint venture, on which infrastructure work is anticipated to begin later this year once the land lease has been obtained.

Halong Star's master plan includes homes, retail facilities and a hotel, all overlooking the UNESCO World Heritage Site of Halong Bay on Vietnam's north-east coast.

Limitless received the certificate during a high-level conference on promoting investment and improving provincial competitiveness in Quang Ninh, attended by leading government officials including Hoang Trung Hai, deputy Prime Minister of Vietnam.

Mohammed Rashed bin Dhabeah, CEO of Limitless, said: "Quang Ninh provides a host of opportunities for development in many sectors, especially tourism, and we very much look forward to the implementation of Halong Star."

In May 2013, Limitless signed a new joint venture agreement for the construction of Halong Star.

The developer said that it had partnered with Hanoi-based Sovico Holdings to develop the project.

 

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