Dubai World's development arm, Limitless, is teaming up with Russian investment firm RDI on a master plan to deliver a new town near Moscow for around 12,000 people. The project marks Limitless' entry into the Russian market.
Dubai World's development arm, Limitless, is teaming up with Russian investment firm RDI on a master plan to deliver a new town near Moscow for around 12,000 people. The project marks Limitless' entry into the Russian market.
The plan involves a new residential community in the Khimki Region, 3 kilometres from the Sheremetyevo International Airport and 24 km north-west of central Moscow. The project features around 4,500 homes including low-rise apartments buildings, townhouse and villas, as well as schools, retail and commercial elements. Around 30% of the development will be green areas.
This is the first mixed-use development in the Moscow region to be carried out by RDI. Construction of the project is due to begin in early 2009, and is expected to take seven years. The two groups did not disclose the financial details for the project.
Saeed Ahmed Saeed, CEO of Limitless, said: 'Russia is a strategic market for Limitless, and our move into Moscow is yet another chapter in our success story. We are delighted to add Russia to our ever-expanding global portfolio.'
