The property developer Limitless, which is owned by the Dubai Government, has replaced Saeed Ahmed Saeed as chief executive with an executive from its sister company Nakheel.
In a statement yesterday, Limitless said it had appointed Mohammed Rashed bin Dhabeah, responsible for building 8,000 homes in Dubai since 2010, to take over as chief executive. Mr Rashed is Nakheel’s managing director for development.
Limitless said Mr Rashed, who has been with Nakheel since 2003, would be responsible for spearheading development at Limitless’s projects in the UAE, Saudi Arabia, Russia and Vietnam, while continuing to work in his role at Nakheel.
Limitless is working on plans to build 50,000 homes at its Al Wasl project outside Riyadh in Saudi Arabia, 750 homes at Zagorodny Kvartal north of Moscow in Russia and accommodation for 4,000 residents at Halong Star in Halong Bay, Vietnam.
While Nakheel’s business model has been to develop major projects in Dubai, Limitless was formed in 2005 to be its overseas counterpart.
Growing demand for Dubai property before the global financial downturn led the company to take on ambitious projects including a US$11 billion Downtown Jebel Ali project as well as plans for a proposed 75-kilometre waterway valued at the time at Dh40.3 billion.
Limitless and Nakheel were hit hard by the financial crisis and were transferred from the Dubai conglomerate Dubai World to direct ownership by the emirate’s Government in 2011.
In November 2013, Limitless said that it would restart construction of its final apartment block at The Galleries in Downtown Jebel Ali. However, plans for some of Limitless’ more ambitious projects such as the Arabian Canal remain on hold as the company reviews its investments.
lbarnard@thenational.ae
