Banking & Finance
Dubai’s Limitless Seeks to Delay Debt Repayments for Third Time
(Bloomberg) — Limitless LLC asked banks to delay debt repayments for a third time as an on-going slump in property prices weighs on the Dubai-based developer, people with knowledge of the plan said.
The company is seeking to reschedule about $600 million-worth of loans and is also asking banks for a new loan of 475 million dirhams ($129 million) to help complete existing projects, said the people, asking not to be identified because the information is private. The developer hasn’t proposed a formal restructuring plan to banks yet, they said.
A Limitless spokeswoman declined to comment.
Related: In Dubai, Avalanche of New Homes Extends Property Slump
Limitless was one of several Dubai-owned companies that were forced to reschedule debt payments after asset prices slumped and credit markets froze during the global financial crisis. The company reached a second deal with creditors in 2016 to repay a $1.2 billion Islamic loan before 2018, but has only repaid half of that.
The developer is struggling after property prices in the United Arab Emirates, the second-biggest Arab economy, slumped 27% since October 2014 amid excess supply and sluggish economic growth. Although economic output is expected to accelerate to 2.8% this year, it’s still well below the average in the 15 years to 2015, according to International Monetary Fund data.
-
Banking & Finance6 days ago
Oman Arab Bank Announces Increase of Authorised Capital to RO500mn and Paid‑In Capital Boost of RO50mn
-
Renewables1 month ago
Jindal Renewables and OQ Alternative Energy Sign Joint Development Agreement to Advance Integrated Renewable Power Projects in Oman
-
Business2 months ago
St. Petersburg International Economic Forum 2025 unveils its Business Programme
-
Leaders Speak2 months ago
OERLive SPOTLIGHT: Oman Sustainability Week 2025 and Oman Petroleum & Energy Show
-
Alamaliktistaad Magazines1 month ago
Al-Iktisaad, May 25
-
Bahrain4 days ago
SPIEF 2025 focused on global and regional economic processes, market transformation, new tech, investment climate, financial policy and people
-
OER Magazines1 month ago
OER, May 2025
-
Renewables2 months ago
Sembcorp’s 588MW Solar Power Plant In Oman Begins Commercial Operation
You must be logged in to post a comment Login