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| Model of Ha Long project.— File Photo |
QUANG NINH (Biz Hub) — The United Arab Emirates (UAE) -based Nakheel Group plans to resume work on Ha Long Star project next month, Dau Tu (Investment) newspaper quoted a source from the provincial People's Committee.
The 125-ha urban and tourism centre project, in the northern border province of Quang Ninh, with capital of US$550 million, will include a five-star hotel, a luxury hotel, villas, apartments and a trading centre. The project got off the ground in 2007, but was delayed due to the investor's financial difficulties.
During a trip to the UAE last year, Pham Minh Chinh, secretary of the Quang Ninh provincial Party Committee, and Ali Rashid Lootah, chairman of Nakheel and Limitless, signed a memorandum of understanding, pledging to carry out the large project. Later, in May 2013, Sovico Holdings also signed a joint venture contract with the UAE partner to implement the project. — VNS