The Ras al Khaimah Government is willing to take over La Hoya Bay, a Dh2 billion (US$545 million) island property project threatened by the collapse of its developer, a senior government official said Thursday.
The decision came as a relief to hundreds of investors, mainly from the UK, who have committed their savings to the flagship project of the Ras al Khaimah Investment Authority (RAKIA), on the man-made island of Al Marjan.
“We won’t make it complicated for investors,” said Khater Massaad, the chief executive of RAKIA and adviser to Sheikh Saud bin Saqr, the Crown Prince and Deputy Ruler of Ras al Khaimah. “Those who have paid for a studio will get a studio. The project will be built.”
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