x Abu Dhabi, UAEWednesday 26 July 2017

Limitless in new Indonesian venture

The global financial crisis has done nothing to deter the UAE property developer Limitless.

A rendering of the Rasuna Epicentrum, which will eventually be home to an estimated 40,000 people.
A rendering of the Rasuna Epicentrum, which will eventually be home to an estimated 40,000 people.

The global financial crisis has done nothing to deter the UAE property developer Limitless from launching yet another multibillion dollar project abroad. The company yesterday announced a Dh6.2bn (US$1.7bn) venture in the Indonesian capital of Jakarta to its portfolio of 11 developments overseas, which together are worth more than Dh367bn. "Our entry into Indonesia cements our commitment to Southeast Asia, where we have made huge strides since launching our operations there nine months ago," said Saeed Ahmed Saeed, the chief executive officer of Limitless, who used to head up another Dubai developer, Nakheel.

Spread across more than 1.2 million square metres of land, Rasuna Epicentrum will eventually be home to an estimated 40,000 people. The Indonesian firm Bakrieland Development is a partner in the project. Limitless, which is owned by Dubai World, was set up in 2005 to focus mainly on overseas developments. All of its projects are either in the planning stage or under construction. Rasuna Epicentrum is the company's fourth project in Southeast Asia, with other markets including Vietnam, Singapore and Malaysia. Limitless has also made investments in India, Russia, Jordan and Saudi Arabia, and is eyeing opportunities in Europe. agiuffrida@thenational.ae