Dubai's Limitless gets investment nod for Vietnam project

Developer says it has been issued with investment certificate for Halong Star residential, tourism plan

Dubai developer Limitless said on Monday that plans to build a residential and tourism project in Vietnam have moved a step closer.

The company said in a statement that the Quang Ninh state authority has issued an investment certificate for Halong Star.

The certificate of investment allows Limitless to legally move forward with the joint venture, on which infrastructure work is anticipated to begin later this year once the land lease has been obtained.

Halong Star's master plan includes homes, retail facilities and a hotel, all overlooking the UNESCO World Heritage Site of Halong Bay on Vietnam's north-east coast.

Limitless received the certificate during a high-level conference on promoting investment and improving provincial competitiveness in Quang Ninh, attended by leading government officials including Hoang Trung Hai, deputy Prime Minister of Vietnam.

Mohammed Rashed bin Dhabeah, CEO of Limitless, said: "Quang Ninh provides a host of opportunities for development in many sectors, especially tourism, and we very much look forward to the implementation of Halong Star."

In May 2013, Limitless signed a new joint venture agreement for the construction of Halong Star.

The developer said that it had partnered with Hanoi-based Sovico Holdings to develop the project.

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Posted by: Chris J

It is amazing that with the hoardings still up around the Palm Jebal Ali site with the name "Limitless" on it, and the tens of millions of Dirhams lost by investors in properties in that development, that Limitless now launches new projects offshore. Good luck to the investors.

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