The Heart of Europe's famed Floating Seahorse villas are coming to Ras Al Khaimah.
Not only do the homes by developer Kleindienst Group bob about in the middle of the Arabian Gulf, but they also come with a basement under the water. A glass wall enables residents to peer directly out to sea from the comfort of their couch.
A total of 133 such villas are part of the latest phase of the project, of which 70 are located off the coast of Dubai – and 63 will soon be built in the RAK free zone, Josef Kleindienst, chairman of Kleindienst Group, tells The National. While the original Seahorses were priced from Dh88 million in Dubai, the rate for the Ras Al Khaimah pods will be decided once an escrow account is launched soon after the summer.
Kleindienst describes the latest crop of floating villas as “generation four”, based on the continual improvements to design and technology.
“There will be a coral garden attached on two sides of each unit,” he says. “Imagine your balcony in an apartment or villa, but you have corals and fish instead of flowers.”
While the floating villas will be the same size as their Heart of Europe counterparts – so 4,004 square feet, set across three storeys and including an external deck – they will have different fit-outs. The first 24, for instance, will use furniture from Bentley Homes.
The Seahorses are not the only waterborne projects in the group's pipeline. In 2027, Floating Venice will open its doors on the Heart of Europe islands. “This is a floating hotel resort,” explains Kleindienst. "Where the Seahorses have one level underwater, Floating Venice will have two levels underwater, including walkways.
This project will be followed by Floating Lido, which takes maritime technology to greater depths – quite literally. “Floating Venice – and most other hotels like it – need to be built on protected islands or lagoons. Lido is designed to be used in the open ocean,” says the pioneering Kleindienst.
The one who builds is the best to maintain
Josef Kleindienst
Following an MoU recently signed between his group and RAK Ports to establish a maritime facility and state-of-the-art shipyard, the Floating Venice and Floating Lido structures will be built in the emirate and then shipped to Dubai.
Explaining the decision, Kleindienst says: “The one who builds is the best to maintain. We cannot buy our structures in Europe and then have nobody here to maintain them. Therefore we decided to bring the know-how to the UAE, and keep construction and maintenance in our hands.”
He adds: “Compared to private boats that are only taken out from time to time for a few hours, the yachts servicing the Heart of Europe island as well as our floating structures run 24/7, as it were. So the agents and generators used normally are not for our kind of high-duty run.”
Another ambitious project part of this deal is the design and construction of a 144-metre giga-yacht, the first of its kind to be built outside of Europe. “The maritime industry defines a yacht bigger than 90 metres as 'giga' and to date, there are fewer than 100 giga-yachts in the ocean,” says Kleindienst.
“Why it was important for us to consider this project is because giga-yachts are at the forefront of technology and now sustainability; a giga designed yacht today is more sustainable than any small boat. Industry operators and investors have realised the more luxurious they are, the more sustainable they have to be.
“Add to this, we have a customer for the giga-yacht plus a shipyard partner in Europe that normally builds these designs there. So that was also the enabler to set up the shipyard for giga-yachts. In a sense, the decisions – to build our own boats, the Floating Seahorses, Floating Venice and so on in the UAE – are all related.”
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
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COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Killing of Qassem Suleimani
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton