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Emaar International has confirmed that is in “continuing discussions” with its Indonesian joint venture partner regarding the development of a major tourist development on the island of Lombok.
This refutes recent press reports that the Indonesian government has announced it is seeking a replacement for Emaar to implement The Lombok Project.
Following enquiries from HotelierMiddleEast.com this morning, an Emaar International spokesperson said: “Emaar is continuing discussions with the Investment Coordinating Board of Indonesia regarding The Lombok Project, the master-planned community developed as a joint venture by Emaar and PT Pengembangan Pariwisata Bali (Persero), owned by the Government of Indonesia.
“Both joint venture partners have already invested in the project and are keen to address outstanding aspects. In the most recent meeting held in Dubai, both parties discussed the progress to date and identified next steps and action plans.
“Representatives of the Indonesian Government and Emaar International will meet in the beginning of February in Dubai to continue discussions on The Lombok Project.”
The latest discussions follow the extension to the joint venture granted by the Indonesian government last June, which gave Emaar and Persero until December 31, 2009 to complete the necessary formalities “to expedite the development process”.
The Lombok Project isdesigned as an environmentally friendly, integrated residential, leisure and hospitality zone with an extensive natural waterfront that supports a marina, luxury residences and resorts by the world’s most luxurious hospitality operators.
The Address Hotels and Resorts has announced The Address Hotel Lombok, scheduled for completion in 2015, as part of the project.
In total, the mixed-use development is expected to cost US $600 million, according to media reports. |