<Reuters reported that Limitless, the development arm of Dubai World, plans to sell the 14.1 million square meter Al Wasl project north of Riyadh, which was announced in 2007 at a cost of 45 billion riyals, as part of a debt restructuring plan.

Limitless is seeking to restructure $760 million in debt and is offering banks a 50% discount or a 7-year extension.<Limitless“ creditor banks include First Abu Dhabi, Dubai Islamic, Emirates NBD, Arab National and Mashreq.

Designed to reflect the natural environment of the neighboring Wadi Hanifa region, Al Wasl's distinctive and integrated project includes a number of interconnected areas containing 55,000 residential units with a capacity of 55.The project also includes office units, hotels, mosques, health and educational facilities, shopping malls and sports centers, and more than 3 million square meters of open green spaces, so that the green spaces of parks and wide streets that connect each area to the other will constitute a quarter of the project area.The Al Wasl project was conceived to capitalize on the opportunities presented by the rapidly growing population in the capital city of Riyadh, marking the company's first work in the Kingdom.

The project's design builds on Limitless” strengths in urban planning for mega urban projects and building large mixed-use communities.