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,” Frank Khoie, Chief Executive Officer, Khoie Group, told Emirates Business.

The Khoie Group is a $2 billion (Dh7.34bn) company with a number of subsidiaries under its management. Khoie Properties has a land bank of Dh750m in Dubai and Abu Dhabi.

The La Hoya Bay project in Al Marjan Island comprises five elements: La Hoya Bay Residences, La Hoya Bay Business Village, La Hoya Bay Regency, La Hoya Bay Hotels and Apartments and La Hoya Bay Marina and Yacht Club.

In July last year, Khoie said the developer was nearing 20 per cent completion of the project and finished the first level on the residences.

La Hoya Bay residences comprise seven towers and 1,400 residential apartments. La Hoya Bay Business Village is a half-a-million square feet office and retail space that was scheduled for completion by March 2009. La Hoya Bay Hotels and Apartments will be a three-cluster development connected to each other, offering 200 five-star hotel units along with 700 serviced apartments that was to be completed by June 2010.

Khoie had told this newspaper last year that the developer was planning to list on the Dubai International Financial Exchange by 2010 and was also looking at a dual listing on London Stock Exchange. The company was to be valued at Dh15bn by 2010.

Khoie Group was also planning to enter in the financial sector with the establishment of a subsidiary in early 2009 called Khoie Finance in DIFC.

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