DUBAI: Emaar Properties has expanded its geographic presence into Southeast Asia with a mixed-use project in Central Lombok Island in Indonesia.
The development value of the project, spread over 1,200 hectares, is Dh2.2 billion ($600 million; IDR 5446 billion). In the presence of Indonesian Vice-President Jusuf Kalla, Emaar Properties Chairman Mohamed Ali Alabbar signed a Memorandum of Understanding (MoU) with Muhammad Syahrial, President Director, Perusahaan Pengelola Aset (PPA), the state-owned Asset Management Company.
“Indonesia is our sixteenth global market and the Lombok development will scale up our property portfolio to a wider Southeast Asian region,” said Alabbar. “The Lombok project also marks our consolidation of the property development roster by having world-class developments in emerging markets with high growth potential.”
He added: “Lombok is one of the most promising tourism destinations in Indonesia and has the potential to be the magnet for world-travellers. We are thankful to the Indonesian Government for their trust in us to support their development initiatives that will help position Lombok on par with Bali as a world-class tourism destination.”—Agency