Dubai's Arabtec has inked a deal to build Ras al Khaimah's La Hoya Bay project, valued at $680 million over nearly five years, the construction heavyweight said on Monday.

Arabtec said the project will be constructed over 54 months with the first phase, valued at $245.1 million, to start immediately.

The La Hoya Bay project on Marjan Island has been plagued by delays as the project launched during the global economic downturn and Dubai's property collapse.

Rakeen, the Ras al Khaimah-owned real estate firm, took over custody of La Hoya Bay's parent firm Khoie Properties after it became insolvent. Ras al-Khaimah is one of seven forming the United Arab Emirates federation.-Reuters