Khoie Properties, the developer behind a proposed Dh2 billion (US$545 million) project on the man-made island of Al Marjan in Ras al Khaimah, is insolvent, its chief financial officer said yesterday.
The La Hoya Bay project was sold to hundreds of investors, many from Britain, who are now pressing the Government of Ras al Khaimah to intervene because little progress has been made.
A senior member of the board of Khoie Properties is in jail after being detained by police for allegedly failing to honour a cheque written to pay for the land.
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