The Ras al Khaimah Government has taken legal action against the developer Khoie Properties, which was behind a Dh2bn (US$545m) project on RAK’s man-made island of Al Marjan.

Khoie Properties said in a statement on its website confirming the legal action that it was was unable to meet its commitments to the RAK Investment Authority (RAKIA).

It told of its pending legal case after a report by The National last week quoted the chief financial officer of Khoie Properties, Ahmed al Jazayeri, as saying the company was insolvent.

The National