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Arabtec in US$680 million deal for La Hoya Bay Project in Ras Al Khaimah
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Mon July 26, 2010 1:52 pm
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UAE.  Arabtec Holding  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 AED2.5 billion (US$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 AED900 million, 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.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: September 2, 2010
INTERNATIONAL. The triangle pattern has taken nearly 9 months so far, and a move over US$19.50 could start a multi-month run targeting US$26-US$29 per ounce for starters before a broad pullback.
date:Posted: September 1, 2010
UAE. Given the recent developments in Saudi Arabia and India, there is now a greater level of hope that the TRA and RIM will reach an agreement about the manner in which BB Messenger services are provided.
date:Posted: September 1, 2010
UAE. GCC Telecom markets are on the verge of saturation, while prices decline due to increasing competition, resulting in telcos profits being under very high pressure.