Posted by Neil King
Up to 70 per cent of Al Marjan Island, the first man-made island in Ras Al Khaimah, has been sold, a senior official has said.
In an interview with Emirates Business 24/7, Khater Massaad, chief executive officer of the RAK Investment Authority, also confirmed that all developments on the island - including the much publicised La Hoya Bay - are ongoing.
"We only sell land and about 60-70 per cent of Al Marjan Island has been sold," he said.
"The projects in Al Marjan Island are going on, they are building and we are happy with that," Mr Massaad added.
He also disclosed that the first development to be completed on Al Marjan Island is Rakeen's mixed-use project Bab Al Bahr, which is located on the peninsula of the island and is scheduled for handover in the third quarter of this year.
Meanwhile, Marbella Bay, a luxury resort development comprising of waterfront apartments and a range of leisure facilities, is expected for completion in 2011, Mr Massaad said.