Emaar signs $600 million Indonesian mega-project

Emaar Properties and the Bali Tourism Development Corporation (BTDC) have inked a joint venture deal to create a mega-tourism and mixed-use project on Lombok.

The residential and resort community will sprawl across 1175 hectares, including the pristine Kuta and Tanjung beaches.

Development of the US $600 million project is expected to begin in April, with plans to ensure the project is environment-friendly and fully integrated.

BTDC president director I Mandra said: "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," he added.

Emaar Properties chairman Mohamed Ali Alabbar said the joint venture "lends momentum to our expansion plans for Indonesia", which he identified as a "key market".

Emaar has already been involved in Indonesia as part of its involvement developing eco-friendly homes in Ngelepen to assist those affected by an earthquake. (ArabianBusiness.com - Wednesday, 19 March 2008)