Limitless Real Estate Company based in Dubai has announced that it will pay back 2.07 billion dirhams of its debts to banks and commercial creditors as a result of the massive development made in the company by the financial restructure process.
Ali Rashed Lutah, Limitless Chairman, said in a press conference held in Dubai that banks will dominate about 90% of the repayment value while the commercial creditors will get the rest 10%.
He added that the repayment process reflects the company’s ability to successfully execute its operations especially in KSA where Limitless sold a part of its properties portfolio in Saudi Arabia worth 2.07 billion dirhams.
Lutah praised Dubai government, banks, and commercial creditors for supporting the company which enabled them to achieving this accomplishment. The creditors cooperation and flexibility in accepting the amended terms will enable the company to proceeding on developing its assets and fulfilling its obligations to investors.