Dubai developer hammered by crisis offloads more debt | Arab News:
"Dubai property developer Limitless has taken another step toward restoring its balance sheet via an early debt repayment to creditors of more than 412 million dirhams ($112 million).
It means the developer, whose projects include a 200-hectare residential and commercial development in Dubai’s Jebel Ali, will have cut its liabilities to banks and trade creditors by almost half come the year-end.
Limitless, which was formerly part of Dubai World, was hit hard by the financial crisis of 2008/9 when Dubai property prices plunged by more than half, and the business was later forced into a debt reduction program to avoid going bust."
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