Government-owned property firm Limitless, a Dubai World unit, said on Tuesday it signed a joint venture agreement with Russia's RDI Group to develop a town near Moscow.
The project, located on the Moscow canal 24 kilometres north -west of the capital, will have around 4,500 homes, including low-rise apartments blocks, townhouses and villas, as well as schools and commercial units, the company said in statement.
The company, which is developing projects in countries such as Saudi Arabia and Vietnam, did not say how much it will invest in the town, which will have space for 12,000 people.
"Russia is a strategic market for Limitless," Limitless Chief Executive Saeed Ahmed Saeed said in the statement. (Reuters)
Dubai World unit to help develop Russia properties