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Renting an Apartment for your visit to Moscow

	Dubai Firm to Create a New Russian Town

DUBAI, United Arab Emirates -- A Dubai-based developer announced Sunday that it planned to build a new city on 44,000 acres near Moscow.
The project, dubbed Great Domodedovo, was described by developer Limitless as &quotone of the largest projects planned by an international developer anywhere in the world today."
An $11 billion investment in the project's first 7,500-acre phase will be made in partnership with Russian investment and development company Coalco, a written statement said.
Great Domodedovo will be a full-fledged city with residential, commercial and employment units, as well as educational, recreational and entertainment facilities, the statement said.
The first stage of the development will include 150,000 residential units, 600,000 square meters of retail space, 600,000 square meters of commercial space and 750 hectares of &quotemployment-generating centers," Limitless said in the written statement.
A large part of the project will address the issues raised in the government's Comfortable and Affordable Housing initiative, Limitless said.
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.
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 U.S. Congress to sell operations it had acquired in six U.S. ports.
Both Russia and Gulf emirates like Dubai are reaping enormous energy revenues that are fueling audacious investment schemes. Dubai, where forests of skyscrapers are under construction, is considered by many to be the fastest-growing city in the world. Russian vacationers and investors have flocked to the United Arab Emirates in recent years, and there are growing trade ties and numerous direct flights between the two countries.
With Gulf markets all but saturated by new projects, Dubai companies have been investing in developing markets in the Midle East and in South Asian countries and beyond, including China, Egypt, Syria, India and Pakistan.
&quotRussia 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.
(AP, Bloomberg)
THE MOSCOW TIMES - №3554, TUESDAY, DECEMBER 5, 2006
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	320 Sites Allocated to Hotels

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