Dh5bn expansion of Khalifa City approved

The Urban Planning Council of Abu Dhabi yesterday approved a Dh5bn expansion of Khalifa City A, making the district grow from 7,000 to 53,000 residents by 2030. The plan includes the building of 4,500 villas, 100 apartments, 30 schools and 30 public parks, as well as shops, hotels and a medical compound. Uwe... 

Legal actions taken against Khoie

Only a day after the chief financial officer of Khoie said the company was insolvent, Khoie Properties says it is unable to meet a $15m payment to the government of Ras Al Khaimah for the $800 million project La Hoya Bay. ‘Following last year’s credit crunch and its impact on the UAE’s... 

List of ten Abu Dhabi projects worth $208bn

The organisers of Abu Dhabi revealed today a top-ten list of the most prestigious projects in Abu Dhabi. On the list are new cities, man-made islands and a light rail system. Despite the economic downturn, Abu Dhabi has been financially prudent and its sovereign wealth fund is estimated at $328bn. According... 

Khoie Properties ‘insolvent’, says CFO

Khoie Properties, the developer behind Dh2bn La Hoya Bay which was sold to Rakeen last week, is insolvent its Chief Financial Officer said on Saturday. La Hoya Bay is located on the man-made island of Al Marjan in Ras al Khaimah and was sold to 800 investors, of which 50 % are from the UK. The investors... 

Yas Island benefits from the financial crisis

The development projects on Yas Island in Abu Dhabi benefit from the economic downturn caused by the global financial crisis, Aldar Properties said on Monday. According to Steve K. Worrel, Director of Mixed Use Development at Yas Island, availability of more workers and bidders have increased because... 

Khoie sells RAK projects to Rakeen

Khoie Properties yesterday confirmed the sale of all the company’s projects in Ras Al Kamiah to Rakeen. This includes the La Hoya Bay development in Al Marjan Island. “We will not be able to build any project in RAK now. Everything that we own in the emirate has been sold to Rakeen,”...