Sunday, July 25, 2010

Emaar, Indonesia part ways on Lombok project

The Indonesian government will reissue a tender for the mega resort project.

The Indonesian government has terminated all commitments with Emaar Properties on a mega-tourism project in Lombok, West Nusa Tenggara after the Dubai-based developer failed to meet its share of the bargain in developing the project, according to a media report.

According to Jakarta Post, the Indonesian government will reissue a tender for the mega resort project to foreign investors two of whom are from Abu Dhabi and Ras Al Khaimah.

"Four investors, from Abu Dhabi, Qatar, India and Ras Al Khaimah are interested in the project," Chairman of the Indonesian Investment Coordinating Board (BKPM) Gita Wirjawan told the newspaper.

The state tourism company Bali Tourism Development Corporation (BTDC), the former partner of Emaar, might still be involved in the project.

Emaar owned a 70 per cent stake and BTDC held the remaining 30 per cent in the joint venture.

In February 2010, Emaar said it is “continuing discussions” with its Indonesian joint venture partner regarding the development.

The Dh2.2 billion Lombok project will be an environmentally friendly project and will have more than 17km of natural waterfront with a marina, luxury residences and resorts by five-star hospitality chains.

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