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Tue 25 Jun 2013 12:30 PM

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Dubai's Limitless inks gov't deal for Vietnam project

Developer signs agreement with Vietnamese gov't for implementation of Halong Star project

Dubai's Limitless inks gov't deal for Vietnam project
DELAY: Limitless is still awaiting Indian government approval for the return of its investment in a failed joint venture project in India.

Dubai developer Limitless said on Tuesday it has signed a memorandum of understanding with the Vietnamese government for the implementation of Halong Star, the mixed-use residential and tourism project in Vietnam's Halong Bay.

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

The agreement was signed in Dubai by Ali Rashid Lootah, chairman of Nakheel and Limitless, Pham Minh Chinh, Party Secretary of Quang Ninh Province and Tran Ngoc Thac, Vietnamese Ambassador to the UAE.

A Limitless spokesman said: "Halong Star is key to our portfolio and today's MoU is another step forward in turning this project from a vision to a reality."

Last month, 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.