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.”
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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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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Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
'The Batman'
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Rating: 5/5