The Ras al Khaimah Investment Authority (RAKIA) may seize control of a Dh2 billion (US$545 million) property development on the emirate’s flagship Al Marjan Island project after Khoie Properties, a Dubai-based developer, failed to honour its obligations for the cost of the land.
La Hoya Bay is one of the main mixed-use projects on the man-made island, a 270-hectare area of reclaimed land 20km west of the city of Ras al Khaimah designed to look like a coral atoll.
“RAKIA is acquiring the project in its entirety from Khoie Properties, but the deal has not been finalised and the Government needs to look at all the liabilities,” Ahmad al Jazayeri, the chief financial officer of Khoie Properties, said today.
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