Tuesday, 23 February 2010
Limitless seeks to revise payments
Limitless, one of Dubai World’s property units, is renegotiating payment schedules with construction companies on three big Dubai developments ahead of a US$1.2 billion (Dh4.4bn) loan repayment due next month.
The property company’s liabilities are part of the $26bn debt that Dubai World is renegotiating with creditors.
Limitless is winding down contracts on the Downtown Jebel Ali development, a business and residential centre on Sheikh Zayed Road, as well as the Arabian Canal, a huge waterway and property project that is still in its early earthmoving stages. Talks on payment for Limitless’s headquarters on Emirates Road are also under way.
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