Criselda E Diala on Wednesday, March 19 , 2008

Emaar Properties and Bali Tourism Development Corporation (BTDC) have signed a memorandum of understanding for a $600 million (Dh2.2 billion) mega-tourism and mixed-use development project in Lombok in Indonesia.

The flagship Lombok project is envisaged as a world-class residential and resort community sprawling more than 1,175 hectares. Master-planning for the development will begin in April. Set on the pristine Kuta and Tanjung beaches, the project will be environmentally-friendly and integrate residential, leisure and hospitality zones.

The joint venture will also explore further growth opportunities in Indonesia. The agreement was signed in the presence of Indonesian President Susilo Bambang Yudhoyono, who arrived in Dubai on Tuesday.He urged UAE investors yesterday to tap various business opportunities in the Southeast Asian state.

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Posted by dcjaya at March 19, 2008 5:56 PM