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Mon 8 Feb 2010 10:39 AM

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Limitless issues The Galleries update

Banks and retail outlets moving into The Galleries; residential units ready later this year.

Limitless issues The Galleries update
ON TRACK: Developer Limitless says The Galleries project is already offering office and retail space, with residential to come later this year.

Dubai World subsidiary Limitless has issued a project update on its mixed-use The Galleries development in Downtown Jebel Ali.

The firm announced that a second international bank – Citibank – had set up shop at the site, joining Standard Chartered, whose branch has been operational since July 2009.

The Galleries is an eight-building complex, separated by a communal landscaped plaza to provide a focal point for cultural events and entertainment. Office and retail space is available for lease at the site now, with residential accommodation planned to be ready later this year.

“The Galleries aims to be a walkable, environmentally-friendly, balanced place to live and work, with convenience, sustainability and social interaction at its heart,” said Salah Ameen, deputy executive director of Limitless in the Middle East.

“Already home to a long list of global companies who have set up offices here, The Galleries is now welcoming a growing number of food outlets and retailers offering everyday conveniences for existing and future tenants and visitors.”

Alongside banks, a number of outlets, including Subway, Arabic eatery Mushmaool, car hire firm Diamond Lease and convenience store Fresh Plus are either at fit-out or design stage.

Property unit Limitless forms part of Dubai World’s debt restructuring, which is currently ongoing. On Friday, Reuters reported that the unit would seek to roll over a $1.2bn Islamic loan at its Limitless property unit due in March.