DUBAI: Dubai-based real estate developer Limitless will close out 2017 with an early payment of Dhs412.4 million to banks and trade creditors on Thursday.

The payment, a week ahead of the due date, comprises Dhs297.1 million to banks and Dhs115.3 million to trade creditors. Once made, Limitless will have repaid almost half of its outstanding bank debt and trade creditor obligations.

Thursday’s transactions will bring Limitless’ bank repayments to Dhs2.2 billion, 49.4 per cent of the total due, with Dhs278.7 million paid to trade creditors, representing 48.3 per cent of the total settlement due.

In May 2016, Limitless cleared Dhs1.9 billion of bank debt with an immediate payment following the conclusion of its restructuring agreement with lenders. The payment, six months ahead of time, covered the first repayment instalment and 80 per cent of the second. The company also paid Dhs163 million to trade creditors at the time. The final repayments are due in December 2018.

“Limitless continues to meet its obligations and commitments to investors. We thank the Government of Dubai and our lenders, trade creditors and investors for their continued trust and support,” Chairman of Limitless, Ali Rashid Lootah, said.

Agencies