July 26, 2010
Arabtec to build Ras Al Khaimah’s La Hoya Bay project
Dubai’s Arabtec has signed a deal to build La Hoya Bay project in Ras Al Khaima, valued at $680 million over nearly five years, the construction heavyweight said on Monday.
Arabtec said the project will be constructed over 54 months with the first phase, valued at $245.1 million, to start immediately.
The La Hoya Bay project on Marjan Island has been plagued by delays as the project launched during the global economic downturn and Dubai’s property collapse.
Rakeen, the Ras al Khaimah-owned real estate firm, took over custody of La Hoya Bay’s parent firm Khoie Properties after it became insolvent.
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