Firm to offload RAK project

A Dubai real estate firm said yesterday it was looking to offload a $800 million (Dh2,936m) project it launched in Ras al Khaimah due to a lack of financing.

Khoie Properties' chief financial officer said a market slump made his firm unable to pay for part of the land for the La Hoya project, a waterfront residential and leisure project on the man-made Al Marjan Island.

"We had some land we had paid for but we had additional lands we could not pay for because of market conditions," he said.