Dubai-based real estate developer Limitless has made an early payment of AED412.4m ($112m) to banks and trade creditors.
The payment was made on 21 December, a week ahead of the due date. It comprises AED297.1m to banks and AED115.3m to trade creditors. Once made, Limitless says it will have repaid almost half of its outstanding bank debt and trade creditor obligations.
The transactions bring Limitless’ bank repayments to AED2.2bn (49.4 per cent of the total due), with AED278.7m paid to trade creditors (48.3 per cent of the total settlement due).
In May 2016, Limitless cleared AED1.9bn of bank debt with an immediate payment following the conclusion of its restructuring agreement with lenders. The payment, six months ahead of time, covered the first repayment instalment and 80 per cent of the second. The company also paid AED163m to trade creditors at the time. The final repayments are due in December 2018.
Limitless has also made progress on infrastructure work for its Downtown Jebel Ali master development in Dubai.
The Zone 2 infrastructure is now complete and the first substation handed over to Dubai Electricity & Water Authority (Dewa). All underground utilities are now complete at Zone 2 of the 2-square-kilometre mixed-use development, while 90 per cent of work is finished at Zone 4 and 70 per cent at Zone 3.
Road construction is also complete at Zone 2, and is under way at Zones 3 and 4. All infrastructure work at Downtown Jebel Ali is on track for completion in 2018.
A 132KV substation was completed and handed over to Dewa in October.
Stretching 11km along Sheikh Zayed Road, the development is close to Jebel Ali Free Zone and within easy reach of Abu Dhabi, the Dubai World Central airport, and the Expo 2020 site.
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