From Eyeofdubai.com: RAK Investment Authority (RAKIA) is the owner of Al Marjan Island Project and appointed Rakeen Development as master developer of the same. This Project is one of the major real estate developments behind the success of Ras Al Khaimah as an investment destination and business hub.
In 2006, Mr. Frank Khoie, Chairman and CEO of Khoie Properties, approached RAKIA to purchase several plots on Al Marjan Island in order to develop its own project La Hoya Bay, which included different parts among which was the La Hoya Residence. Upon Mr. Khoie’s representations, several sale agreements were entered into by RAKIA and Khoie Properties.........................................Full Article: Source
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