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Rakeen gains custody of $800m UAE project
- United Arab Emirates: Wednesday, September 02 - 2009 at 16:29
Rakeen, the development arm of the Ras Al Khaimah Investment Authority, said today it has been given control of an $800m development project previously managed by Khoie Properties. A statement by Rakeen said Khoie 'had become insolvent, defaulted on land payments and failed to deliver on its promise to buyers of units' in La Hoya Bay, a waterfront residential and leisure project in the emirate. Rakeen will remain custodian of Khoie and the La Hoya Bay development until the project is completed by another developer.
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StaffWednesday, September 02 - 2009 at 16:29 UAE local time (GMT+4)
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