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04 December 2023

Rakeen to finish La Hoya Bay project in 30 months

By Parag Deulgaonkar

Rakeen, the real estate development arm of the Ras Al Khaimah Government, expects to complete construction of La Hoya Bay project in 30 months from the time of a "smooth" handover, said a senior company executive.

"From the time we can handle the project smoothly with no more obstacles from Khoie Properties, it should take 30 months. Investors are not looking for compensation for the delay; they simply want to get their units," Wahid Attalla, Executive Director and Board Member, Rakeen, told Emirates Business.

Rakeen has yet not decided on changing the master plan. "It is too early for that. The future of the project size will depend on the number of investors who will continue."

Rakeen was appointed the judicial custodian for La Hoya Bay in September 2009 by the RAK Court.