Dubai's Limitless plans -12bn JV with DLF

Dubai, Mar 22: Limitless LLC, the second real estate arm of Dubai World, has unveiled plans of its first project in India in a proposed 12-billion-dollar partnership with New Delhi-based DLF Group.

The company would shortly announce the details of the joint project, which is estimated to be in the range of 10 billion dollars and 12 billion dollars.

A memorandum of understanding is expected to be signed between the two companies later this week when the UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum, who is also Ruler of Dubai, visits India on Sunday, local dailies reported.

''India is one of our strategic markets, and we are looking at it as a whole, to launch a number of projects,'' said a top company official.

The company is in talks with several Indian realty firms, and DLF is one among them, he added.

Dubai World has announced plans to invest 10 billion dollars in Pakistan across different industries including infrastructure development, industrial and real estate projects.

In December, Limitless LLC entered Russia with one of the largest planned real estate developments in the world -- the Great Domodedovo.

The first phase of this mega development involves an investment of 40 billion dirhams. The project, being undertaken in partnership with a leading Russian investment and development company, Coalco, is located in Moscow and envisages the development of a mega city on an 18,000 hectare site.

UNI