The title says it all:
A natural island in Ras Al Khaimah has been sold to two UAE nationals who plan to develop a Dh8 billion tourist site, according to Emirates Today.
Ahmed bin Ali Al Abdulla and Abdullah bin Mohammed Al Shaibani paid Dh600 million for the 220,000 square metre Al Khayal or Fantasy island, situated in the Al Hamraa area of Ras Al Khaimah. UK and Kuwaiti investors are said to be involved in the project.
The pair, executive directors of New Dubai Real Estate Development Company and Amlak Al Medina Real Estate Company respectively, said the island would become a centre for tourism with final designs to be announced soon.
Al Abdullah told Emirates Today a local bank would manage project investments, and that the project was expected to be sold in full before completion, scheduled to be within the next four years.
By Lynne Roberts on Sunday, 19 August 2007