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RAK to delay parts of $3.3bn project
- United Arab Emirates: Tuesday, October 13 - 2009 at 11:54
Mohammed Sultan Al Qathi, chief executive of RAK Properties, has said the company is halting parts of the $3.3bn Mina Al Arab project until market conditions improve, Bloomberg has reported. The developments on hold include hotels, a marina and a shopping centre. 'We were dreaming of having 11 hotels; now we will go with maybe four,' he told the news service. 'If the market improves, we will go ahead and build that' as well as the marina and retail space, he added.
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StaffTuesday, October 13 - 2009 at 11:54 UAE local time (GMT+4)
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