Pursuits
Real Madrid Scraps $1 Billion Resort in U.A.E. Sheikhdom
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Real Madrid canceled a planned $1 billion soccer-themed resort in the United Arab Emirates after the project’s organizer defaulted on payments.
A licensing agreement with RAK Marjan Island Football, the Luxembourg-based organizer of the project in the emirate of Ras Al Khaimah, was scrapped after the company defaulted on payments and “didn’t provide guarantees,” the Spanish soccer team said yesterday.