MEED has learnt that the company aims to establish a waterside development in the kingdom and is currently assessing two locations, in Jeddah and Khobar.
Once the site is finalised, work on the design will begin. It is expected that an announcement on the site and general theme of the project will be made in the first half of 2009.
Limitless is already developing the $12bn Al-Wasl project in Riyadh.
The 14 square-kilometre site, located north of the capital, is to be built in five phases. Bids for the site mobilisation and infrastructure packages are being assessed by Limitless.
An award for both is expected by the end of 2008. Sales of housing units for the first phase of the project will take place by the first quarter of 2009.
Al-Wasl is set to have a population of 200,000 when completed, with 55,000 homes as well as offices, hotels, mosques and more than 3 square kilometres of open space.
Saeed Ahmed Saeed, chief executive officer of Limitless, says development of the project will create 50,000 jobs.
Other aspects of the masterplan include eight shopping complexes, a school and a transit system.
Limitless has embarked on a number of international developments including the Limitless Towers in Jordan, the mixed-use Halong Star in Vietnam, a Puteri Harbour waterfront development in Malaysia and a 113-million-square-metre development near Moscow (MEED 19:3:08).