Dubai developer Limitless hosted Vietnam’s Deputy Prime Minister, HE Nguyen Xuan Phuc this week as part of the Vietnam Days in the UAE event, at which the two countries agreed to boost trade, investment and labour co-operation.
His Excellency and his delegation – including Vietnamese Ambassador Pham Binh Dam, the Minister of Construction and the Minister of Justice – were welcomed by Ali Rashid Lootah, Chairman of Limitless, the UAE’s biggest real estate investor in Vietnam. The group held discussions on mutual opportunities for investment, before attending the Limitless-sponsored Vietnam Business Leaders Forum.
Addressing the conference, Engineer Mohammed Bin Dhabeah, CEO of Limitless, said: “We are honoured and proud to lend our full support to this event, which puts the spotlight on the wealth of opportunities available in Vietnam. With itsfavourable location, population structure, and commitment to providing an attractive business environment for foreign investors, Vietnam offers a diverse range of opportunities to foreign investors.
“Limitless has already seized the opportunity to invest in Vietnam, having identified a gap in the market – the need for high quality developments that provide a solid base for future growth – made all the more attractive by favourable labour costs and land values.”
Limitless is developing the mixed-use Halong Star project in Vietnam. Located in one of the world’s most stunning locations, high above the UNESCO World Heritage site of Halong Bay, the project will consist of a residential, retail and hotel facilities.
“Halong Bay attracted over 1.2 million travellers last year, according to official figures. That’s an average of 100,000 people a month looking for accommodation and attractions at this beautiful part of the world,” said Mohammed Rashed. “Halong Star is set to bring a new style of living, shopping and tourism options to Halong Bay, with a range of homes, retail facilities and a hotel forming part of the master plan.
“We are ever-grateful to the ongoing support from Vietnamese Government and specifically the People’s Committee of Quang Ninh Province, without which this project would not be possible.”
Earlier this year, the Quang Ninh authorities approved Limitless’ investment certificate for the project, allowing the developer to legally move forward with its development.
Last month, Limitless appointed global consultants CBRE to provide an updated assessment of the market and Singapore-based RSP Architects, Planners and Engineers to review and enhance the current master plan, based on CBRE’s findings.
“The work, expected to be completed in the first quarter of 2015, is needed to ensure that we plan and deliver a project that matches the needs of the Halong Bay community, both in terms of residents and the growing number of tourists who visit Halong Bay each year,” said Mohammed Rashed.
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