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Wednesday, 2 September 2009

RAK seizes $800 mln failed realty project

The Ras Al Khaimah government said on Wednesday it has seized control of Khoie Properties, the failed developer behind an $800 million real estate project in the UAE emirate.

Rakeen, owned by the emirate's sovereign wealth fund Ras Al Khaimah Investment Authority (RAKIA), has taken over legal custodianship of Khoie and the La Hoya Bay project following a court order, RAKIA said.

Khoie has become insolvent after defaulting on land payments and failing to deliver properties to buyers.

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