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 · The US$ 600 Million Question
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

The US$ 600 Million Question

Confusion Reigns Over Status of Emaar Mega Tourism Project in Lombok.


Bali News: Lombok, Emaar, BKPM
Click Image to Enlarge

(7/31/2010)

A fair degree of confusion prevails over the future of a US$600 mega tourism project on Bali's near neighbor of Lombok.

A pet project of Indonesia's former Vice-President Jusuf Kalla, the 1,200 hectare site was proposed to house hotels, condominiums and a golf course financed by Dubai-based property Developer Emaar Properties. The project hailed by its champions as having the potential to create a popular destination in Indonesia for travelers from the Middle East - provided the impetus for the massive investment in a new international airport nearing completion in Lombok.

The future of the Emaar Project became doubtful last year when the Dubai investors called for changes in land ownership rules. These objections from Dubai, whether real or posed, were put forth at a time when the Dubai property bubble was bursting, causing some quarters to conjecture that Emaar was no longer in a financial position to carry through with its original commitment for Lombok.

Countering this view, Emaar recently declared that the idle project is still on track. As reported by the Jakarta Globe, the Dubai property company has issued a statement declaring it has made a "total commitment" to its Indonesian partner, the Bali Tourism Development Corporation (BTDC). The statement from Emaar was made apparently to forestall a threat by the Indonesian government to re-tender the project and find a replacement investor.

Recently the chairman of the Indonesian foreign Investment Coordinating Board (BKPM), Gita Wirjawan, signaled interest in reviving the long-stalled Lombok project has come from Abu Dhabi, Qatar, the United Arab Emirates and India.

A spokesman for Emaar is insisting that the company "has strong financial fundamentals and will undertake all strategic projects across its key markets."

Adding to the confusion, the Indonesian Ambassador to the United Arab Emirates, Mohammad Supriyadi, issued a statement last March stating that Emaar had abandoned the project.


© 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
Czech Out
Czech Tourists Dies in Canggu Beach Motorcycle Accident
(2/20/2017)
Hilltop Thievery
Four Face Long Prison Terms for Collecting Illegal Admission Fees at Kintamani Volcano
(2/19/2017)
Feeling Ambivalent in Both Directions
Two-Days After Changing Traffic Directions, Police in Kuta Restore Two-Way Flows on Jalan Kartika Plaza in Bali
(2/18/2017)
Misguided
4 Unlicensed Guides Apprehended Working in Downtown Denpasar
(2/21/2017)
Uber Doing It!
Uber Taxi Driver Beaten by Angry Crown in Ubud, Bali
(2/19/2017)
Farewell, Ibu Nelly
Thousands of People Bid Farewell to the Foreign Princess of the Ubud Royal Palace
(2/19/2017)
Japanese Beneficence
Japanese Safari Park Donates to Help Indonesian Conservation Efforts
(2/19/2017)
Is the Stork a Blue Bird?
Woman Gives Birth in the Back Seat of a Blue Bird Taxi in Bali
(2/18/2017)
Footloose in Ubud
PHRI-Gianyar Chairman Calls on Ubud Hotels to Halt Balinese Dance and Cultural Performance
(2/18/2017)
Pan Pacific Nirwana to Close July 31st.
Historic Pan Pacific Nirwana Hotel to Close on July 31, 2017, for Renovations and Rebranding
(2/18/2017)
In Search of Origins
Writers, Readers, Artists and the World Connect at Ubud Writers and Readers Festival October 25-29, 2017
(2/17/2017)
The Strange Tales of Hoffman
American Expatriate Paul Hoffman in Police Custody in Connection with Convenience Store Robbery
(2/17/2017)
All [News]!