Wednesday, March 19, 2008

Emaar inks Dh2.2bn Lombok tourism project in Bali

The Bali Tourism Development Corporation (BTDC) has signed a joint venture with Emaar Properties PJSC to undertake the Lombok mega-tourism and mixed-use project.

In the presence of Indonesian President Dr Susilo Bambang Yudhoyono, BTDC President Director, Made Mandra, and Investment Coordinating Board Chief Muhammad Lutfi signed the joint venture agreement with Emaar Properties Chairman Mohammad Al Abbar in Dubai on Wednesday

The flagship Lombok project is envisaged as a world-class residential and resort community sprawling over 1,175 hectares. Masterplanning for the Dh2.2 billion ($600 million; IDR5446 billion) development will begin in April.

Set on the pristine Kuta and Tanjung beaches, the project will be environment-friendly and integrate residential, leisure and hospitality zones. The JV will also explore further growth opportunities in Indonesia.

Mandra said: “The joint venture with Emaar Properties underscores the strong bilateral business relations between Indonesia and the UAE. Indonesia welcomes investments that add to the socio-economic prosperity of our people, and Emaar with its proven competencies as a world-class developer, can contribute to the country’s economic growth. The Lombok project will particularly focus on tourism to complement the growing appeal of the destination.”

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