The limitless award of 285 million ADH went to the downtown Jebel Ali project
A retail developer in Dubai, named Limitless, has been awarded a deal of AED 285 million. This was given for infrastructural work in downtown Jebel Ali. It is a mixed project.
The work will be carried out by AGC, which is UAE-based. They will work on the utilities, roads, lights, and the sewage as well. All four zones of infrastructure work will be covered by this company in the development.
This work will be completed in 2017, as stated by the development company.
The project is a mixed-use, community project based in Dubai within a 200-hectare area. It is combined and spread over four zones and it stretches along the Sheikh Zayed Road.
Hotels, offices, apartments, and real estate developments will be built here. This project has about 300 third party plots.
The previous year an AED 19.5 million worth of ADH contract was awarded for the design and services at this project.
Galleries and a retail company were developed by the company in the first zone of the project.
The galleries will be launched soon with the residential units, which will contain office features and retail facilities.
The Limitless went through debt problems in 2009 when UAE had a property crush. This company was the former arm of Dubai World. Later on, the authority of the company was taken by another state-owned firm, Nakheel.
An Islamic debt facility of $1.2 billion was reconstructed in October 2012. This was done after there was an agreement between the leaders of the syndicate Royal Bank of Scotland and Emirates NBD.
According to the deal, the company has to repay all the money between 2014 and 2016.
Unfortunately, the Limitless could not fulfill the conditions of the deal, but they did have a meeting with the facilitators to extend the deal before the obligations of repayments begins.
In the beginning of the year, the company declares to secure 85% of the facilitator, with three months of extension to the payment of the debt.