Real Madrid scraps $1bn UAE football resort in Ras Al Khaimah



Real Madrid has cancelled a planned football-themed resort in the Emirate of Ras Al Khaimah after the project's organiser defaulted on payments, the club said.

The licensing accord with RAK Marjan Island Football, the Luxembourg-based organiser of the project, was scrapped after it defaulted on payments and “didn’t provide guarantees,” Real said in its financial report distributed in Madrid on Sunday.

Louis-Armand de Rouge, the chief executive of RAK Marjan Island Football, didn’t return calls made by Bloomberg News.

The world’s richest football club said last year it was lending its name to a resort that includes a 10,000-seat stadium, a marina, homes, a shopping mall, a football training academy and a 450-room five-star hotel. The development was set to be completed by 2015 on the 40-hectare artificial Marjan Island. RAK Marjan Island Football assumed all the financial risks of the project, Real Madrid said in its report. The football club, which agreed to a 22-year licence, said it will search for alternative projects in the UAE, without giving more details.

Real Madrid posted a net income of €36.9 million (Dh183.3m) for the year through June 2013. That’s 52 per cent more than the year earlier period after prize money from competitions and exhibition games climbed, according to the annual report.

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

SPECS

Engine: 2-litre direct injection turbo
Transmission: 7-speed automatic
Power: 261hp
Torque: 400Nm
Price: From Dh134,999

COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures

The years Ramadan fell in May

1987

1954

1921

1888

KLOPP AT LIVERPOOL

Years: October 2015 - June 2024
Total games: 491
Win percentage: 60.9%
Major trophies: 6 (Premier League x 1, Champions League x 1, FA Cup x 1, League Cup x 2, Fifa Club World Cup x1)

Key developments

All times UTC+4

BACK TO ALEXANDRIA

Director: Tamer Ruggli

Starring: Nadine Labaki, Fanny Ardant

Rating: 3.5/5

UAE currency: the story behind the money in your pockets
Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government


Energy This Week

Expert analysis on oil & gas renewables and clean energy

      By signing up, I agree to The National's privacy policy
      Energy This Week