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I have invested in La Hoya Bay Residence, Al Marjan Island Project in Ras Al Khaimah (RAK) in the UAE. RAKIA, the state controlled construction company is the master developer responsible to deliver the apartments to investors. So far, they are unable to settle legal issues with a private developer "Frank Khoie". Investors are held hostage here. RAKIA can't be trusted. Their leader Sheikh "###" can't be trusted either. The sheikh better sit on the top of Burj Khalifa on his tight ###. There is no freaking accountability nor a sense of urgency. This seems to be the norm in RAK.
The complaint has been investigated and resolved to the customer’s satisfaction.
Dear All, after receiving the last letter from Mr Khoie (June 2016) in which he is still promising to build (!), I have created a group of investors affected by Khoie Properties and to fight for our rights we need to gather as many investors as possible.
To join (only Investors please) follow these steps:
Search "Google groups" --> select Browse --> search for La Hoya Bay Investor Group --> click on it and "Apply for Membership".
PLEASE JOIN !
Dear Sir, I am one of the investors and would like to join you all for a joint operation. Regards. Viren Narkar Email viren289@gmail.com Tel [protected]
Are you all still on this group? As action is now being taken. Please reply. Many thanks
Hi There,
I am also investor who lost £40000 on this project which will never finish
Any thoughts what is going on now and whether investors like us waiting or they took the case to court?
http://www.lahoyabay-investors-group
I hope you are aware that there is a strong investors group of circa 250 members who are working hard to find a solution to benefit all investors. Please join us.
I too am a investor in La hoya bay and feel frustrated at the situation we are in . I paid £30 K in deposit from my hard earnd savings and dont know what to do to overcome the situation. any advice?
I live in RAK and I’m an investor in La Hoya Bay as much as you are, and I have been monitoring this issue on daily basis. All the delays are going from Frank Khoie as he is refusing to corporate. RAKIA is doing its best to move the project forward but every time they solve 1 problem another 10 appears, therefore the court puts everything on hold again. If Frank Khoie does really care for his project and his investors, then shut up and let RAKIA do its job. RAKIA wasn't supposed to be in this position if Frank has fulfilled his promises and completed the project and paid all his payments. They way I see it, Frank is the guilty one and not RAKIA nor their Sheikh.
I have heard the project is being taken over by Rakeen and i trust this developer because i have no other option i guess. i read somwhere that rakeen is UAE's top 20 real estate companies. We as investors in their project should make a collective effort of getting our money out of there or they should consolidate with something ready. May be in their project Bab Al Bahr which is almost ready, handover dec, 2010.