Close
Bali Discovery Tours: Homepage
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Home Bali Contact Bali Practicalities Bali News Bali Services Bali Transportation Bali Sports Bali Excursions Bali Villas Bali Hotels
Home · News · Lombok Emaar Project Not Dead?
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Bali Hotels
Bali Villas
Special Deals!
Packages
MICE Handling
Bali Excursions
Culinary - Dining
Guided Tour
Bali Spas
Bali Sports
Diving
Golf
Bali Transportation
Car Rental - Selft Drive
Private Jet Charter
Bali News
Bali Services
Bali Practicalities
Bali Contact
Bali Career
Home
 
Bali Update
Subscribe to our free weekly newsletter!
 
PATA header
PATA Gold Award 2007
Bali Update
PATA Gold Award Winner 2007
 
Bali Contact
Bali Discovery Tours
Komplek Pertokoan
Sanur Raya No. 27
Jl. By Pass Ngurah Rai,
Sanur, Bali, Indonesia

Tel:
++62 361 286 283

Fax:
++62 361 286 284

U.S.A. Fax:(toll free)
1-800-506-8633

U.K. Fax:
++44-20-7000-1235

Australian Fax:
++61-2-94750419

24h:
++62 812 3819724

Bali Discovery

SITE PATA ASITA
Bali News

Lombok Emaar Project Not Dead?

Jakarta Globe Retracts Earlier Reports That Emaar Deal in Lombok is Dead. Emaar Jakarta Office Remains Closed and Report of Emaar's Financial Woes Mount.


Bali News: Lombok Emaar Project Not Dead?
Click Image to Enlarge

(3/21/2009)

The reported death a US$600 million tourism project in Lombok as reported by Bali Discovery [see; Emaar Group Withdraws From US$600 Million Lombok Project] and based on a Jakarta Globe report, is being adamantly denied by high-ranking Indonesian officials who insist the deal is far from dead and that a three-month deadline extension has been negotiated by the government with the Dubai-based Emaar International Group.

The Jakarta Globe quoted an Emaar spokesman in Dubai as saying "the government of Indonesia and Emaar have extended a delayed joint venture agreement to get the project underway for another three months." The same spokesman, who requested not to be named, also said, "Emaar has met its contractual obligations and the Indonesia Investment Coordinating Board [BKPM] has now asked Emaar for an extension of time to meet their obligations under the joint venture agreement."

Signaling that all is not well with the transformational tourism project for Lombok, Emaar has closed its Jakarta office and will reportedly conduct its business from Dubai during the 3 month reprieve period.

Forming additional background to the unfolding drama, Emaar is reported to be in serious financial difficulties, recording a fourth-quarter 2008 loss of US$481.0 million precipitating a sharp fall in its publicly traded share price. The Jakarta Globe reports that the Dubai company has suddenly cancelled its annual general meeting without explanation.

In a correction published in The Jakarta Globe that newspapers has now retracted its earlier reports attributed to an Emaar employee which blamed corruption by local officials as one of the contributing causes to the termination of the Lombok project. In light of their latest reports, the paper now insists that neither Emaar Indonesia or its Dubai principals have made any announcement to quit the Lombok project.

Stay tuned, this promises to be interesting.


© Bali Discovery Tours. Articles may be quoted and reproduced if attributed to http://www.balidiscovery.com.


 
 
Bali News by Bali Update
Subscribe to the Bali Update
Receive the latest news from Bali by email!



Our [Privacy Statement] explains how we handle the data you are providing.

 
Bali News by Bali Update
Explore the Archive of the Bali Update
Find related articles in our news archive!




or try to use Google Search :

Home · Bali Hotels · Bali Villas · Bali Excursions · Bali Sports · Bali News · Site Map · RSS

Bali News: More News
Heinz's 100 Varieties of Indonesian Cuisine
Bookshelf: A New Approach to Indonesian Cooking by Heinz von Holzen
(10/20/2014)
We Get More Mail!
Folly has its Price. Spirited Comments of Disaffection Continue to Flow in About Bali’s Newly Renovated Airport
(10/20/2014)
Who Owns Bali’s Heritage
Legality of Badung Regency Funding of Taman Ayun Questioned by Badung Legislator
(10/19/2014)
The Gods Must be Irritated
French Climber Evacuated From Upper Slopes of Mount Agung
(10/20/2014)
Sauvetage en Mer
Bali Lifesavers Show Their Skills at International Surf Rescue Games in France
(10/19/2014)
Chefs Al Fresco in Sanur Bali
Bali Culinary Professionals to Meet at Swiss-Belresort Watu Jimbar on Saturday, October 25, 2014
(10/19/2014)
World Travel Agents to Meet in Bali
United Federation of Travel Agents to Meet in Bali November 16-19, 2014
(10/19/2014)
Travel May be Ebola’s Biggest Victim
Editorial: In the Unfolding Ebola Epidemic Crisis the Most Deadly Symptom May be Fear
(10/20/2014)
Human Charity – On the House
‘Together as One’ Fun Run Raises More than US$9.000 to Improve Housing for the Poor in Bali
(10/19/2014)
Passing Gas
Denpasar, Bali Mayor Joins Chorus Urging Port of Benoa Not be Used for LNG Depot
(10/19/2014)
Ignoring the Protests
Tirta Wahana Bali International to Go Ahead with Benoa Bay Reclamation Project
(10/19/2014)
Ease of Access
Indonesia Fails to Enforce Rules on Handicapped Access
(10/18/2014)
All [News]!