The La Hoya Bay project in Ras al Khaimah has been stalled for three years (Callaghan Watson for the National) Add Arabtec chief financial officer Ziad Makhzoumi to the list of people doubting the short term prospects for La Hoya Bay, the long-delayed project in Ras al Khaimah. "Do you believe in Santa Claus?" Mr Makhzoumi said during Tuesday's conference with analysts, when asked about the project. Developer Khoie Properties announced last July that Arabtec had been hired to start work on the project. But as detailed in a recent , nothing has happened, although new Khoie chief executive Peter Riddoch said the development is getting back on track. More than 700 investors paid deposits totaling Dh200 million in the development. But Mr Makhzoumi says Arabtec does not include the project in its backlog of deals. "I don't think the developer has funding in place," he said. Mr Makhzoumi called it a "nice project," but added, "personally I don't think it will happen soon."