Debt deal to be made with Dubai property group

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Limitless, a Dubai property group, is hoping to strike a deal which will enable them to restructure $1.2 billion of debt by pursuing international projects.

The property collapse in Dubai affected Limitless as well as many other property groups but it hopes to make a debt deal with its aims of ambitious developments located outside the Gulf emirate.

While Limitless believes that locating their developments outside of Dubai is a good move, the second quarter of 2012 showed that Dubai property rental prices had improved.

In fact, some experts believe that property in Dubai is only heading upwards as prices in the country offer good value for money.

Elaine Jones, CEO of UAE property management firm Asteco, said: "Looking ahead to the 2012 year end, sales prices will continue to rise for quality developments, especially villas.”

“The number of owner-occupiers rose steadily in line with improved financed options offered by banks, which we expect to continue. Further demand will also be evident from overseas buyers escaping economic woes in the Eurozone and political instability in other parts of the region.”

In order to meet new targets, the company needs to re-launch its overseas plans and delay debt repayments.

Limitless are aware of the importance of the $12 billion suburban development, Al Wasl, which is on the outskirts of the Saudi capital of Riyadh.

This development stalled throughout the financial crisis but is set to account for over half of the company’s revenues from 2011 to 2016.

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Debt deal to be made with Dubai property group

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