NewsKhoie
Khoie 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...
Khoie says La Hoya Bay-investors can claim refund
Khoie Properties arranged a meeting on Friday at their office in Dubai for investors in La Hoya Bay. Investors in the much delayed project have experienced multiple delays, rumours about an insolvent developer, the CEO being placed in jail and the project being taken over by the Government of Ras Al...
Frank Khoie freezes La Hoya Bay
Frank Khoie, the jailed developer behind the US$800 million (Dh2.93 billion) La Hoya Bay project in Ras al Khaimah, has withdrawn his consent to let the Government of the emirate develop part of the project. Speaking from his cell, Khoie told The National that he now requires dismissal of charges as...
RAK to take over La Hoya Bay
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...
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...
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...
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,”...
