Dubai developer to construct new US$11 billion city in Russia

A Dubai-based developer announced on Sunday that it plans to build a new Russian city on 44,000 acres (18,000 hectares) near Moscow.

The project, dubbed Great Domodedovo, was described by developer Limitless as “one of the largest projects planned by an international developer anywhere in the world today.” A US$11 billion (euro8.25 billion) investment in the project’s first 7,500 acre- (3,000 -hectare) phase will be made in partnership with Russian investment and development company, Coalco, according to a written statement.

Limitless is the real-estate development subsidiary of Dubai World, the holding company that also operates ports giant DP World, which was forced this spring by the U.S. Congress to sell operations it had acquired in six U.S. ports.

Dubai’s fast-growing developers have launched previous projects to develop entire cities from scratch. Dubai-based Emaar, the Middle East’s largest developer, announced plans earlier this year to build King Abdullah Economic City, a new Red Sea port in Saudi Arabia.

When I read this I couldn’t help but think of that project that was rumoured for an area somewhere between Moncton and Saint John. A foreign developer was planning to build a massive housing, condo, golf, retirement living development and then market it to Europeans. But the deal was poo pooed by provincial government officials.

I suspect the same would happen if the Sheik came to New Brunswick with an $11 billion cheque.

Sigh.

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0 Responses to Dubai developer to construct new US$11 billion city in Russia

  1. Anonymous says:

    It all depends on the details. Go ask Sydney, another ‘company town’ how great that investment was.