Ras al Khaimah has allowed investors who bought 15 per cent of Gateway City, the last mixed-used city development launched by the emirate last year, to surrender two-thirds of their stakes and consolidate their investment into the remaining third. "Gateway City has been consolidated to one third," said Khater Massaad, the chief executive of the Ras al Khaimah investment Authority (RAKIA). "We have accepted the consolidation with the condition that the developers build within six months."
Mr Massaad said that RAKIA was starting discussions today with the first potential builder, an unidentified company in Dubai. "All the design of the infrastructure will be completed before the end of the year," he said. "We are now preparing tracing the roads." None of the investors in Gateway City has been allowed to consolidate into another project owned by RAKIA in Ras al Khaimah. As for Al Marjan Island, RAKIA's man-made island in the shape of a coral atoll, six residential and hospitality projects are under construction and should be completed by the end of next year, Mr Massaad said. Twelve additional projects are in the approval process. Five more will be under construction shortly. Eight plots remain to be sold of the 176 available.