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Senior officials behind the $800m La Hoya Bay project in Ras al Khaimah on Monday said they were to meet with investors in a bid to make progress with the much-delayed scheme.
Six months after being named judicial custodian of cash-strapped developer Khoie Properties, Rakeen said it had still been unable to take the project forward.
The government-owned real estate company said in a statement that progress with investors and the project had been impossible "due to the lack of cooperation from Khoie Properties’ side".
In June 2009, Frank Khoie, CEO and chairman, was jailed for three years over bounced cheques relating to the project.
Weeks after Rakeen was appointed by Ras al Khaimah Court, Khoie Properties denied the company was insolvent and claimed it was still in control of La Hoya Bay.
On Monday, Rakeen officials said they were considering possible legal action against Khoie, who remains in jail, over what they claim to be "false allegations and groundless media war" which they said was continuing to delay the project.
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