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Tue 9 Mar 2010 12:00 PM

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Emaar plans to proceed with $600m Indonesian deal

Dubai developer waiting for responses for Bali tourism body, Indonesia government.

Emaar plans to proceed with $600m Indonesian deal
BIG PLAYER: Emaar is the largest-listed developer in the Arab world. (Getty Images)

Emaar Properties said it is still planning to proceed with a $600m island resort project in Indonesia and is awaiting a response from an expression of interest it has submitted to the Bali tourism authority, the Dubai-based master developer said in a statement on Tuesday.

On Monday, it was reported in the Al Khaleej Arabic daily newspaper that Emaar had pulled out of the Lombok Island project, citing the Indonesian ambassador to the UAE Mohammad Supriyadi as the source.

Supriyadi also told the newspaper that several Indian and Gulf-based developers had shown interest in tendering for the project, which was due to be developed by Emaar and the Bali Tourism Development Corporation.

However, Emaar said in a statement that it has “submitted an expression of interest to the Bali Tourism Development Corporation in accordance with the tendering procedure recently launched by the Government of Indonesia for the ‘Mandalika’ development in Lombok.”

It added that “Indonesia represents a target growth country for the company” and that it has “provided recommendations on how it intends to proceed with the development of the project and await response from BTDC and the Government of Indonesia.”

The $600m development was launched by the former Indonesian Vice President Jusuf Kalla in May 2007 and is planned to be a 1,200-hectare resort located at the Kuta and Tanjung A’an beaches.

In January, Emaar issued a statement saying it was “working with Indonesian authorities with a focus on addressing the final pending areas, primarily in relation to transfer of available land. The two parties have agreed to meet in Jakarta in early 2010 to agree on the next steps regarding The Lombok Project."

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