Flag project uncertain

The future of the Dh7 billion Emirates Flag project, which was announced in September 2006 in Ras Al Khaimah, ran into uncertainty after a senior RAK government official said the project may not go ahead.

"The project is under study and evaluation. We will not go ahead if it is found to be not feasible," the official said.

Meanwhile, Elie Matta, Managing Director, High Rise Properties, developer of the project, said it has been "delayed but not cancelled" with relocation to other emirates becoming an option.

"The project has been delayed after the urban planning department found it did not fit the new master plan. We are looking at other options for relocating the project, but no decision has been taken yet." According to Matta, the company had levelled the land and tested the soil for the project, but had not pre-sold any phase.

"Therefore there is no investor money involved. Moreover, we have reached an amicable settlement with our partners," he added.

Apart from High Rise, Ras Al Khaimah Free Zone Authority, Dream Industrial Park and A&A Investment Group were the partners in the project. The concept design for Emirates Flag was created by Dubai-based firm Dimensions.

The development was to be spread over seven blocks, with each themed around one of the emirates. Each block was to include a residential tower, five-star hotel and office tower. Around 20 per cent of the project was to be built on land reclaimed from the sea, besides a large man-made marina.

The Emirates Flag Development was to provide its own fleet of high-speed water-jet taxis for commuters travelling between Ras Al Khaimah and Dubai.

According to High Rise's website, the company's total investments exceed Dh20bn and it has a long-term strategy to develop luxurious properties throughout the Middle East. However, the website makes no mention of the Emirates Flag project.