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Not so Limitless

Not so Limitless

Paul Green, the CFO of Limitless, has resigned. According to rumors, the company is so strapped for cash it has funds to pay employees for only four more months.

November 20, 2008 2:49 by

A few weeks ago, Kipp got word that Paul Green, the CFO of Limitless has stepped down. Apparently, his resignation has something to do with poor sales and dwindling fund. In fact, rumor has it that Limitless can afford to pay employees only for next four months. Its monthly wage bill is AED28 million.

The real estate developer, which has expanded its development portfolio to 11 projects worth AED404 billion in several overseas locations including India, Malaysia, Vietnam, Saudi Arabia and Russia, has assets worth over AED110 billion.

Its latest release, Arabian Canal, involves developments along an ambitious 75-kilometers canal. Unfortunately, it hasn’t attracted many buyers. Jamal al Suweidi, the sales manager for Arabian Canal referred us to the company’s PR executive Rebecca Rees for comments: “Construction work for phase I (about nine kilometers) of the Arabian Canal is in progress, and we are excavating 100,000 cubic metres of sand every day,” Rees said. “The five-year long project has been split into 10 phases and we have already invited tenders to bid for Phase II. Also, we welcomed 12,000 visitors at our stall during Cityscape, double the number that came last year,” Rees said.

But being a master developer, Limitless would be looking to sell plots for development on to companies that would then build actual residential and commercial projects; so how has the sales uptake been? “We haven’t started selling yet,” said Rees. Then why is Limitless paying for enormous, double-page ads to invite buyers?

Perhaps it’s just a matter of patience. A real-estate broker who did not wish to be named believes the current market conditions are simply not conducive to new projects, especially those that involve a long gestation period: “It will take an estimated 10 years for the project to take shape,” he explained, “people just do not have the foresight to visualise how it will turn out, nor do they want to invest cash for such a long term.”

But it isn’t just the long wait. It’s also the uncertainties of investing properties like Arabian Canal. When a CEO leaves, investors want to know why. And when there’s rumors that Limitless can’t afford to pay their employees, potential property owners want to know if it’s true. What this really boils down to is transparency, which is crucial during a time like this.

So, Limitless, what’s going on behind that red and white façade of yours? —NS

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  1. Garib Sheikh on November 22, 2008 11:15 am

    Another shining example of what happens when you let a real estate market run away without any controls.

  2. michael on November 22, 2008 4:41 pm

    Lovely !! This is what happens when greed and quick buck making cloud your vision and invest in companies that are being run by personal investors that run away or fold as soon as the getting gets hot. maybe now poeple will learn on how to invest and who with

  3. Mohamad on November 24, 2008 8:23 am

    don’t beleive everything you read ! that is not true at all

  4. Nick on November 24, 2008 9:57 am

    I think you all ought to have a bit more faith in Sheikh Mo! Noting he owns this company, and Dubai’s ability to finance through things – (whilst also supporting other nations(!!!!!!!) all should be fine.

  5. Yas on November 24, 2008 4:00 pm

    Don’t believe everything you read!!
    At a time when it seems ‘trendy’ to down talk Dubai and it’s entities, it’s easy to write malicious rumours you hear.
    Talk to people who have been with Limitless for more than a year – they will tell you of their confidence and loyalty!
    Also – get your facts straight – it is not the CEO who has resigned, it is the CFO who is a western expatriate!

  6. Camel on November 24, 2008 5:58 pm

    Rather a naive view Nick, Sheikh Mo may ultimately own them by the time you follow the chain upwards but he can’t finance them all constantly especially when they ain’t making money.

    Yas, it says CFO at the top or am I missing something? The fact he is a Westerner matters why?

  7. Marek on November 24, 2008 6:07 pm

    Well, we all love rumors. This is simply not true. I know that Limitless has number of large secure projects and doesn’t need income from Dubai. Jurnalists, check your info before stiring up.

  8. Anon on November 25, 2008 11:37 am

    Marek, are these “large secure projects” actually making any money?

  9. david on November 25, 2008 2:37 pm

    The CFO is leaving and that is not rumour, its fact and the way a number of companies in Dubai are run its not surprising there are potential issues, especially with the currently financial crisis throughout the world.

  10. IBM on November 27, 2008 10:02 am

    Has this Limitless delivered ANYTHING since its establishment in 2005? What’s happening to those big ambitious projects announced few years back? Karachi Waterfront, Bidadi, Hulhumale, Halong Star, Ivakino, Wroclaw, Halal Park, Jebel Ali….

    “Stop talking. Start doing.” – IBM

  11. kumar on December 1, 2008 1:01 am

    The global financial crisis is especially difficult for those in leveraged positions. One needs cash just to service debt. When it comes to leverage – Dubai takes the cake. That is what made Dubai so explosive the past few years but leverage is a very sharp double edge sword.

  12. Joispa on December 16, 2008 4:37 pm

    Dubai depends on the inflow of capital from the Gulf and to a lesser extent international sources. With the latter squeezed to droplets and the former in a tight spot and domestically layoffs are in the thousands, who will be able to afford to pay for such overpriced, inflated and way-too-exaggerated estate rates???? Come back to earth Dubai, the world is in a state of severe constipation and the financial laxatives aren’t making a difference. The way to go is to admit and navigate not bury the head in the sand and wish for divine interference.

  13. Ali on December 17, 2008 1:22 am

    guys let us blame both, investors (sellers and buyers) are SO greedy. these CEO thought and got blinded by the fact the their companies made money at some point and then they thought they are brainy and thus all became arrogants. Now we don’t hear from these idiots a word, why don’t they use their brain now to save their plummenting share price ? this economy is based on oil price and oil price ONLY. To prove this look at the oil prices now and look at the real estate prices !


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