Rakeen takes over stalled project

Rakeen has taken control of one of the largest property developments in Ras al Khaimah from insolvent owner Khoie Properties, bringing relief to hundreds of investors in the project.

Rakeen, the development arm of the Ras al Khaimah Investment Authority (RAKIA), said yesterday it would ensure that the rights of investors in the US$800 million (Dh2.93 billion) La Hoya Bay project were protected. About half of the 800 investors are from the UK.

“The RAK Court’s decision to appoint Rakeen as custodian of Khoie Properties is a significant step that promotes and protects the welfare of investors and property buyers,” said Dr Khater Massaad, the chief executive of RAKIA.