Khoie funding deal forLa Hoya Bay complete

Ras Al Khaimah:  Khoie Properties said it has finalised $500 million (Dh1.8 billion) in funding for its flagship waterfront development La Hoya Bay in Al Marjan Island.

The escrow account is "imminent" and Arabtec will mobilise on site shortly, said group chief executive Frank Khoie.

However, the terms of the funding are confidential, he said, adding that he hoped this announcement would help restore some "much needed faith" in the UAE's real estate sector.

"I hope that this announcement will ... play a significant part in putting Ras Al Khaimah and Al Marjan Island well and truly on the investment property map. We do not underestimate the challenges ahead," he said in a statement, calling La Hoya Bay a jewel in the crown of Al Marjan.