The project, being undertaken in partnership with a leading Russian investment and development company, Coalco, is located in Moscow and envisages the development of a mega city on an 18,000 hectare site.

The new initiative by the Dubai-based integrated master developer comes close on the heels of its ambitious project — the Dh70 billion Downtown Jebel Ali  township — launched two weeks ago. In June, Limitless unveiled a Dh1 billion development — Quattro Hotel and Business Park — one of the first projects to be established in Jumeirah Village South Circle.

Sultan Ahmed bin Sulayem, Chairman of Dubai World, said Russia is an extremely attractive market due to active economical development and high potential for large-scale real estate projects.  "It is one of the strategic markets identified by Limitless and the company is therefore committed to a long term, sustainable approach to its activities in Russia."

Great Domodedovo will be a fully-fledged and structurally balanced city. The development will boast a carefully weighted grouping of residential, commercial and employment units as well as educational, recreational and entertainment facilities, all supported by world-class infrastructure and amenities, he said.

Saeed Ahmed Saeed, Chief Executive Officer of Limitless, said since Coalco is open to embracing opportunities in a fast-booming Russian economy, it was ideal choice for Limitless as a partner in its Russian foray. This led us to sign a strategic alliance with Coalco to develop Great Domodedovo and other projects. This is an important step enabling us to enter the largest and the fastest growing market in Europe."

"Great Domodedovo will boost Russia's  economic growth dramatically," said Vassily Anisimov, President of Coalco's Coordinating Board.

"When searching for a partner for this project we were especially concerned about getting the strongest expertise in city development and the highest level of reliability, since Coalco is well-known in the market for its responsible approach, thorough project elaboration and quality of project implementation. We wanted to partner with a company experienced in such large-scale projects. Limitless is that partner."

Work on the Dh40 billion phase 1 of the project, involving 3,000 hectares, will commence immediately with construction activity expected to commence in the second half of 2007. Phase 1 development will include 150,000 residential units, over 600,000 sqm of retail space, 600,000 sqm of commercial space and 750 hectares of employment generating centres.

"There is a significant demand for real estate in Russia, be it commercial, residential or retail. In fact Moscow is amongst the most expensive cities in the world for all types of real estate," said Saeed Ahmed Saeed.

"This new city will be developed following the latest trends in modern urban design, and it will be a balanced, well-structured city with its own self-sustainable dynamics. Great Domodedovo will offer a variety of housing choices, neighbourhood amenities including shopping centres, schools, sports facilities as well as office complexes providing more employment opportunities," he continued.