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Emaar Properties has announced the US$600 million (IDR5446 billion) mixed-use project on Lombok Island that will build further on the tourism potential of the Lombok region. In May 2007, Emaar signed the Memorandum of Understanding (MoU) with Perusahaan Pengelola Aset (PPA), the state-owned Asset Management Company, for developing the project. This was followed by the signing of a joint venture in March 2008, between Emaar and Bali Tourism Development Corporation (BTDC), a state-owned firm under the Ministry of State-Owned Enterprises.

The JV will develop the Lombok project, which will be a world-class resort & residential community sprawling over 1,200 hectares. Set on the Kuta and Tanjung Ann beaches, the project will integrate residential, leisure, hospitality zones and will be environment-friendly.

The focus of the Lombok project will be to drive tourism to the region by offering a diverse leisure spread such as diving, snorkeling, hiking and surfing sports, for which Lombok is acclaimed globally. There will be around 17.75 km of natural waterfront supporting a marina, luxury residences, golf course and resorts to be operated by the world’s very best five-star hospitality operators.

Emaar is one of the first developers from the Middle East and North Africa region to expand into Indonesia, an emerging market with strong growth potential, especially in the tourism sector.