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
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 (AED 4.4 billion) loan repayment due in March, reported The National newspaper. The property company’s liabilities are part of the $26 billion 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 earth-moving stages. Talks on payment for Limitless’ headquarters on Emirates Road are also underway, according to the report.
Contractors were being paid until as recently as last month, but are now being asked to agree to a payment delay and a new schedule that could stretch repayment over four years, senior spokespeople from some of the firms told The National.
