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Arabtec Gets 2.5 Billion-Dirham La Hoya Bay Project

2010-07-27

Arabtec Holding PJSC, the United Arab Emirates’ biggest builder, said it signed an accord with Khoie Properties for the construction of the La Hoya Bay Development on Ras Al Khaimah’s Marjan Island. The total value of the project is estimated at 2.5 billion dirhams ($680 million) and it be built in phases over 54 months, Arabtec said in a statement to the Dubai bourse today.Construction on the project’s first phase, valued at 900 million dirhams, will start immediately after a financing agreement is signed. The agreement is now in its final stages, the company said.La Hoya Bay Development, which will be built on 1.5 million square-feet of land on man-made Marjan Island, is designed to include homes, hotels, offices, retail space, three marinas and a yacht club. The project will have 5.5 million square-feet of built up area, Arabtec said.


 

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