Emaar denies pullout from Indonesian project

Emaar Properties has strong financial fundamentals and will undertake all strategic projects across its key markets, a company spokesperson
told Emirates 24|7.

The Dubai developer said it has “responded on time and with total commitment to the proposals of the Bali Tourism Development Corporation (BTDC) for the Lombok project".

“Emaar also provided recommendations on how it intends to proceed with the development of the project,” the spokesperson added without
confirming the status of the project.

The comments came after media reports said the Indonesian Government had  terminated all commitments with Emaar on a mega-tourism project in Lombok, West Nusa Tenggara after it failed to meet its share of the bargain in developing the project.

Jakarta Post reported that the Indonesian Government will reissue a tender for a mega resort project to foreign investors.

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

In February , 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 17 kilometres of natural waterfront
with a marina, luxury residences and resorts by five-star hospitality chains.

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