FINANCIAL NEWS

Arabtec wins $680m deal in Ras Al Khaimah

26 Jul 2010

(MENAFN) Dubai’s Arabtec has announced it had signed a deal to build Ras al Khaimah’s La Hoya Bay project, valued at $680 million, Gulf News reported.

The project, on Marjan Island, will be constructed over approximately five years, with the first phase, valued at $245.1 million starting immediately.

The La Hoya Bay project has, so far, been plagued by delays as it launched amidst the global recession and the downturn in the Dubai property market.

Rakeen, the Ras al Khaimah-owned real estate firm, took over custody of La Hoya Bay’s parent firm Khoie Properties when it became insolvent.

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