Limitless, the development arm of the Dubai World sovereign wealth fund is to develop a $1.7bn (£920m) mixed-use scheme in the Indonesian capital, Jakarta.

The company, which is in talks regarding the potential takeover of UK developer Minerva, will develop a 33 hectare (13.4 acres) office and residential scheme in the heart of the city, to be called Rasuna Epicentrum.

Rasuna Epicentrum will accommodate 40,000 people in more than 1.2m sq m of office and residential towers.

It is Limitless’s first development in Indonesia, and will be a joint venture with Jakarta-based Bakrieland Development.

Saeed Ahmed Saeed, chief executive of Limitless, said: ‘Our entry into Indonesia cements our commitment to South-east Asia, where we have made huge strides since launching our operations there nine months ago.’