Dubai Firm to Build $11 Billion City Near Moscow

A Dubai-based developer said it plans to build a new Russian city on 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 $11 billion investment in the project’s first 3,000-hectare phase will be made in partnership with Russian investment and development company, Coalco, according to a 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 US Congress to sell operations it had acquired in six US 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.

In Russia, Great Domodedovo will be a fully-fledged city with residential, commercial and employment units as well as educational, recreational and entertainment facilities, the statement said.

Russian vacationers and investors have flocked to the UAE in recent years, and there are growing trade ties and numerous direct flights between the two countries.

‘Russia is an extremely attractive market due to active economic development and high potential for large-scale real estate projects,’ Dubai World chairman Sultan Ahmed bin Sulayem said.

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