DUBAI, 20 March 2008 — The Bali Tourism Development Corporation (BTDC), a key partner assisting the Indonesian government in infrastructure building, has signed a joint venture with Emaar Properties to undertake the Lombok mega-tourism and mixed-use project.
In the presence of Indonesian President Susilo Bambang Yudhoyono, I-Made Mandra, president director, BTDC, and Muhammad Lutfi, chief, Investment Coordinating Board, signed the joint venture agreement with Mohamed Ali Alabbar, chairman, Emaar Properties, in Dubai, yesterday.
The flagship Lombok project is envisaged as a world-class residential and resort community sprawling over 1,175 hectares.
Master-planning for the AED2.2 billion ($600 million; IDR5446 billion) development will begin in April. Set on the pristine Kuta and Tanjung beaches, the project will be environment-friendly and integrate residential, leisure and hospitality zones. The JV will also explore further growth opportunities in Indonesia.
