NewsKhoie and Arabtec sign Dh2.5bn La Hoya Bay deal
A memorandum of agreement (MOA) for the construction of La Hoya Bay Development in Ras Al Khaimah was
signed yesterday between Khoie and Arabtec. The total value of the project is estimated at 2.5 Billion Dirhams to be constructed in phases over the next 54 months. The first phase of the project valued at 900 million Dirhams will start immediately, as finance for the project is being finalized.
The Project
The La Hoya Bay project is located on Marjan Island, Ras Al Khaimah and has a land area of approximately 1,500,000 sqft comprising of the following sectors:
- Sector a: La Hoya Residences: comprising seven residential buildings and recreational facilities
- Sector b: La Hoya Bay Business Village: comprising offices with Free Zone status, apartments and retail – space
- Sector c: La Hoya Bay Regency, a European Village: with 12 nos. residential buildings, retail
and a 200 room hotel - Sector d: La Hoya Bay Autumn Leaves: premium service apartments with medical facilities, private Yacht Club and community center for the semi-retired
- Sector e: La Hoya Bay Bermuda Hotel and Apartments: a 800 quality condominium apartments, and a 300 room hotel and Yacht Club.
- External Works: Include landscaping, three marinas and swimming pools.
The gross floors built up area will be around 5,500,000 ft2.
Mr. Frank Khoie Chairman of Khoie Properties stated that he is very happy to reach this agreement with Arabtec Construction for building this prestigious project in Ras Al Khaimah which will be of great benefit to enhance the development of Ras Al Khaimah as a destination of quality waterfront and resort environment living and expressed confidence in the ability of Arabtec to deliver the works to the highest standard and in a timely manner.
Mr Riad Kamal Chairman of Arabtec Construction said that Arabtec is very pleased to reach such an agreement with Khoie Properties for this prestigious project which will add to its long list of iconic projects developed and executed in the U.A.E.
The Main Consultant for the entire La Hoya Bay is Paul DeVylder – Architect JLT (PDA), who is leading all design and engineering services. Commercial Management Services will be undertaken by Northcroft Middle East, part of the Northcroft Group, one of the oldest Chartered Quantity Surveying Companies in the world, established in 1840 and headquartered in London.
My advise to Mr Riad from Arabtech he should be very careful with this guy, Mr.Riad I allways admired you for what you have done and doing but this contract will give you very unpleasant name that your sharholder will be also unhappy.
very becarful with guy he has done things to people that you never going to believe it
la haya bay will never come to reallity only because of this guy.