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Arabtec Construction said on Monday that it had signed a memorandum of understanding for a AED2.5bn ($680m) construction contract to build La Hoya Bay in Ras Al Khaimah.
The construction giant said the work on the luxury project, which has been dogged by controversy, would be completed in phases over the next 54 months.
In a statement posted on the website of Dubai Financial Market, the company said it signed the agreement with developer Khoie Properties on Sunday.
The first phase of the project, valued at AED900m, would start immediately as finance for the project is being finalised, Arabtec added.
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Earlier this month, the developer behind the real estate project said construction work was to resume soon.
In a statement Frank Khoie, the CEO of Khoie Properties, said he was determined to hand over the waterfront project by December next year and said fresh funding would be in place shortly.
Work on the project was suspended following Khoie’s arrest in January 2009 for cheque fraud. He received a three-year jail term for bouncing an AED57.5m ($15.6m) cheque written to Ras Al Khaimah Investment Authority (Rakia).
The La Hoya Bay project is located on Marjan Island in Ras Al Khaimah and has a land area of about 1.5m sq ft.
Riad Kamal, chairman of Arabtec Construction, said he was "very pleased" to reach agreement on the project.
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FEATURED COMMENT
The news of this kind is really an injection of energy for everybody who is involve with the construction industry.