UAE developer sees no limit on Russia project

Limitless, the real estate arm of Dubai World, has unveiled plans for its first project in Russia.

Limitless, the real estate arm of Dubai World, has unveiled plans for its first project in Russia.

The massive mixed-use development, to be called Great Domodedovo, will cost US $11 billion (RUB288 billion) in its first phase alone, and will be spread over a 180 million m2 site in the Moscow region.

The project will be executed in partnership with Russian investment and development company, Coalco, and is billed as being one of the largest planned by an international developer anywhere in the world.

The development will include residential, commercial and office units as well as educational, recreational and entertainment facilities.

Construction work on phase one, made up of 150,000 residential units and commercial space spread over 30 million m2, is expected to start late next year.

With Gulf markets saturated by new projects, Dubai companies have been investing in developing markets in the Middle East and beyond, including China, Egypt, Syria, India and Pakistan.

“Limitless applies a strict set of development criteria, both macro and micro in nature, to determine which markets it enters or projects it develops,” said Sultan Ahmed Bin Sulayem, chairman, Dubai World.

“Russia is an extremely attractive market due to active economical development and high potential for large-scale real estate projects and Limitless is committed to a long-term, sustainable approach to its activities in Russia.”

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