1. Follows meeting of Government and Emaar International representatives in Dubai
2. The Lombok Project is a mixed-use resort-style development
The Indonesian Government has extended the joint venture between Emaar Indonesia and PT Pengembangan Pariwisata Bali (Persero), a government entity, to develop The Lombok Project by six months. This followed a meeting between the representatives of the Indonesian Government and Emaar International in Dubai.
As per the agreement, the joint venture partnership has been extended till December 31, 2009, to complete all modalities associated with developing a mixed-use project set on the Kuta and Tanjung beaches on the island of Lombok.
Dr Alwi Shihab, President’s special Envoy to the Middle East, representing the Indonesian Government, said: “The Lombok Project has the strong potential for the development of the social and economic welfare of Lombok to complement other existing tourist infrastructures available in the region. To undertake such a complex project, taking into account all environmental and development considerations, it is important to evaluate all aspects thoroughly. We have therefore extended the joint venture by six months.”
He added: “Emaar has the proven competencies to undertake complex development projects and we look forward to completing all formalities very soon to expedite the development process.”
Mr Sergio Casari, Chief Executive Officer, Emaar International, “We are thankful to the Indonesian Government for their trust in Emaar in undertaking The Lombok Project. Indonesia is one of the key markets for Emaar, and our expansion to the country is in line with the company’s growth strategy of geographic expansion and business segmentation.”
He added: “The Lombok Project will create a new dynamics to the property sector of the region, and the resort-style project will catalyse inward investments to Indonesia. Emaar has completed the master-plan for the project already, and we look forward to completing all necessary formalities and obtaining governmental approvals for commencing development.”
At the meeting held in Dubai, several aspects of the joint venture were finalised, thus adding to the development momentum of The Lombok Project.
The Lombok Project is envisaged as an environmentally friendly, integrated residential, leisure and hospitality zone. The project will have extensive natural waterfront that supports a marina, luxury residences and resorts by the world’s very best luxurious hospitality operators; the homes will have tropical designs and low-rise architecture. The development will drive tourism to the region by offering a spread of activities such as diving, snorkeling, hiking and surfing sports.
About Emaar Properties PJSC:
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in 36 markets world-wide. Besides building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure, education, healthcare and finance.
Emaar is developing Burj Dubai, the world’s tallest building and free-standing structure, and has opened The Dubai Mall, one of the world’s largest shopping and entertainment destinations. In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region’s largest private sector-led project, featuring a Sea Port, Central Business District, Industrial Zone, Educational Zone, Residential Communities and Resort District.
Emaar has joined hands with Giorgio Armani to strengthen its presence in hospitality. The company is opening educational institutions and healthcare centres in South Asia, Middle East and North Africa and the Subcontinent.
Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE’s leading Islamic home financing company. For more information, visit www.emaar.com.