The future of the $1.7 billion Emirates Flag real estate project is uncertain after a senior RAK government official said the project may not go ahead.
The Ras Al Khaimah development, which was announced in September, was to be spread over seven blocks, each themed around one of the emirates, UAE daily Emirates Business 24/7 reported on Thursday.
“The project is under study and evaluation. We will not go ahead if it is found to be not feasible,” the official said.
Meanwhile, Elie Matta, managing director, High Rise Properties, developer of the project, said it has been “delayed but not cancelled” with relocation to other emirates becoming an option.
“The project has been delayed after the urban planning department found it did not fit the new master plan. We are looking at other options for relocating the project, but no decision has been taken yet,” he said.
According to Matta, the company had levelled the land and tested the soil for the project, but had not pre-sold any phase.
“Therefore there is no investor money involved. Moreover, we have reached an amicable settlement with our partners,” he added.
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