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Mon 6 Oct 2008 06:05 PM

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Limitless eyes Africa, Europe expansion

Dubai state-owned developer says London still on radar despite Minerva deal pullout.

Limitless, the Dubai state-owned developer which plans to build a waterway longer than the Panama Canal in the emirate’s desert, is eyeing expansion in Africa and western Europe.

“Hopefully our next move will be into Africa and western Europe. London represents the heart of Western Europe for us and is always going to be on our radar,” said CEO Saeed Ahmed Saeed in an interview in Dubai on Monday.

Limitless is a unit of Dubai World and has more than $100 billion of projects under way in five countries.

Last year it revealed plans to build a $12 billion project to build 60,000 homes in Saudi Arabia and is also developing the world’s largest manmade canal that will loop around Dubai’s downtown commercial district.

The company, which had been in talks to acquire the UK’s Minerva, is still seeking distressed acquisitions.

“Just because this deal didn’t go through, it doesn’t mean the end of opportunities for us.”

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