Developer Limitless, a subsidiary of holding company Dubai World, plans to build a new city on 18,000 hectares of land near Moscow in what the company has described as 'one of the largest projects planned by an international developer anywhere in the world today'.
Developer Limitless, a subsidiary of holding company Dubai World, plans to build a new city on 18,000 hectares of land near Moscow in what the company has described as 'one of the largest projects planned by an international developer anywhere in the world today'.
The first phase will involve 7,500 acres and will require an investment of $11 bn ((EUR 8.2 bn). Russian investment and development company Coalco is to partner Limitless in the development. The entire project, covering 44,000 acres of land, is called Great Domodedovo. It will be an actual city with residential, commercial and employment units as well as educational, recreational and entertainment facilities, the statement said.
Dubai World chairman Sultan Ahmed Bin Sulayem commented: 'Russia is an extremely attractive market due to active economic development and high potential for large-scale real estate projects.' Earlier this year the US Congress forced ports operator DP World, also owned by Dubai World, to sell the interest it had acquired in six ports in the US.
