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Indonesia says Qatari Diar may get $600m Lombok deal

Thursday, 4 November 2010 4:33 PM

LOMBOK PROJECT: The project aims to develop 1,200 hectares along seven kilometers of natural beaches in southern side of Indonesia (Getty Images)

LOMBOK PROJECT: The project aims to develop 1,200 hectares along seven kilometers of natural beaches in southern side of Indonesia (Getty Images)

Qatari Diar, property arm of Qatar's sovereign wealth fund, is likely to win the bid for a $600m tourism project in Lombok, Gita Wirjawan, Indonesia's investment chief, said on Thursday.

"The Qataris are the most serious bidder as they have met the local government," Wirjawan said.

Indonesia has shortlisted four firms - a unit of Indian Hotels, the Qatar sovereign wealth fund's property arm Qatari Diar, the UAE emirate Ras Al Khaimah wealth fund's property arm Rakeen, and an unnamed Abu Dhabi firm - for the $600 million resort project in Lombok island.

This left out Dubai's Emaar Properties, the Arab world's largest listed developer, which was initially expected to develop the project on the island, which is next to Bali.

The Lombok project aims to develop 1,200 hectares along seven kilometers of natural beaches in southern side of the island over the next 12 years into a world-class resort and residential community consisting of 10,000 luxury villas, eight hotels and two 18-hole golf courses.

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