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News from this project:
National Bank of Abu Dhabi signs deal to link up with Real Madrid
Meanwhile, reports that NBAD is partnering with the club to provide funding worth $1 billion (Dh3.67 billion) to revive the Real Madrid Resort Island in Ras Al Khaimah were denied by club officials on the sidelines of the signing ceremony.
The project was unveiled in 2012 but put on hold last year, although reports this week suggested that, with NBAD backing, the resort could be open by 2017.
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.
A planned $1 billion Real Madrid-branded resort in the United Arab Emirate of Ras al-Khaimah (RAK) has been halted and the project may be switched to Abu Dhabi, a senior executive at the master developer and the club said on Thursday.
At the time, Louis-Armand de Rouge, chief executive of Real Madrid Resort Island, a Luxembourg-based company, said the complex would open in January 2015. But building work never started and Rouge's company did not buy the land upon which the resort was meant to be built, Michael Hernandez, project director of Marjan Island, told Reuters on Thursday.
He said the project had been "put on hold" and that Marjan Island had no commitments relating to the resort.
A Real spokeswoman said media reports in Spain that the project had been scrapped were untrue and there was a possibility the resort would now be built in Abu Dhabi.
It was so perfectly clear that this would be happening from the moment it was announced!
Development of a $1bn Real Madrid Resort Island planned for Ras Al Khaimah has been put on hold indefinitely due to a lack of funding, sources have said.
Plans for the 50-hectare resort included a theme park, a stadium and a museum dedicated to the Spanish club, sports facilities and residential units and a luxury hotel. Construction has still not started and sources said the original January 2015 opening date had now been scrapped.
“Building won’t start any time soon,” a spokesman from the RAK Investment Authority was quoted as saying by UAE-based Sports Talk magazine. “Plans are indefinitely on hold. The resort stands no chance of opening in January 2015, if at all.
“We have been searching for funding over the past two months, but due to harsh economic times none has materialised. We haven’t totally abandoned the project, but it will need fresh backers, since we were banking on promised funds from France and Luxembourg. Even if we got some today nothing would be open until the end of 2016, at the earliest.”
In March last year, developers behind the ambitious $1bn project were confident the project would start construction by the end of 2012 and would be completed by 2015, despite admitting they had not yet secured any funding.
Some photos taken from the same beach a few days ago. No progress on the theme park
As of November 2012, no visible progress has been made on the theme park:
I know quite a bit about property developments in and around Al Hamra and my prediction is that construction on this Resort Island will commence, but the theme park and all the other leisure facilities will never see the light of the day!
Someone's not happy with his investment on that island:
Here is a glimpse from yesterday. The Real Madrid Resort & Theme Park is supposed to be built on Island 3, part of the already existing Al Marjan Island. The pictures show some construction (residential?) on or next to Island 3. Not sure if work is going on since I have seen it only on that specific day. But certainly no coasters yet!