Limitless clinches $1.2bn Islamic loan

ARABIAN CANAL: The 75 km development is part of Limitless' global expansion plan and hopes to attract two million residents when complete.

Dubai-owned developer Limitless on Thursday inked a $1.2 billion Sharia compliant loan with 18 international banks as part of its global funding and expansion plan.

The deal will be led and fully underwritten by Emirates Bank, Emirates Islamic Bank, Arab National Bank and National Bank of Abu Dhabi (NBAD).

The loan, which comes on the back of an international funding roadshow, will finance part of Limitless’ extensive plans for ongoing projects in Russia, Saudi Arabia, India, Jordan, Vietnam and Malaysia and in the UAE.

Total value of projects currently underway tops $100 billion and future developments are planned throughout Europe, Asia, North America and the Gulf region.

Limitless, part of state-owned conglomerate Dubai World, is currently undertaking the Arabian Canal development.

Plots of land on the canal, which will stretch for 75 kilometres when complete, will be available for purchase by third-party developers within the next three months.

The canal will flow inland from Dubai Waterfront, passing to the east of Dubai World Central, before heading back towards Palm Jumeirah, and will be able to house around two million residents when complete.

Limitless recently featured in Arabian Properties Top 50 Influential Arab Property Companies for 2008.

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