Ras Al Khaimah

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Frank Khoie, the jailed developer behind the US$800 million (Dh2.93 billion) La Hoya Bay project in Ras al Khaimah, has withdrawn his consent to let the Government of the emirate develop part of the project.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... 

Huge service bills threaten owners at The Cove, RAK

Owners at The Cove, Ras al-Khaimah, could face annual six-figure service bills, The National reported. Lack of electricity has forced the developer of the luxury-development to invest in eight diesel generators which cost a total of Dh2.5m each month to run. “If they are running the airconditioning... 

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... 

Al Hamra Village to hand over 1000 luxury units

Al Hamra Village, Ras Al Khaimah’s exclusive luxury residential and leisure development, has announced that up to 385 townhouses and villas and some 310 flats in the Marina building have been handed over and 283 units in the marina are now getting ready for handover following the completion of... 

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... 

Solanki plans to invest Dh12bn in real estate

Solanki Real Estate, a newly announced branch of Solanki Holdings, has planned to invest Dh12bn in real estate development. Their flagship development is located on Al Marjan-islands in Ras Al Khaimah and is expected to cost nearly Dh9bn ($2.4bn). The project will comprise more than 1500 apartments,... 

Premier Inn to develop hotels in RAK and Umm Al Quwain

Premier Inn, the British budget hotel chain that has a partnership with Emirates in the region, has secured sites in Ras Al Khaimah and Umm Al Quwain for developing hotels. It already has sites at Dubai Investments Park, Dubai Silicon Oasis, Dubai International Airport and Dubai Al Jadaf and in Abu Dhabi...