Dubai: Dubai's Arabtec on Monday announced it had signed a deal to build Ras al Khaimah's La Hoya Bay project, valued at $680 million (Dh2.5 billion).
The project, on Marjan Island, will be constructed over approximately five years, with the first phase, valued at $245.1 million (Dh901 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.
