Limitless, the property arm of Dubai state-owned conglomerate Dubai World, is nearing a deal to restructure $1.2bn in debt as it pins its hopes of a turnround on its international projects.
While Limitless suffered as a result of the Dubai property collapse, some of its most ambitious developments are outside of the Gulf emirate. As lawyers hammer out details of its plan to delay debt repayments, relaunching its overseas ventures is now central to the company’s prospects of meeting new targets.
Of particular importance is Al Wasl, a $12bn suburban development on the outskirts of Riyadh, the Saudi capital, which stalled during the financial crisis.
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