Bali Discovery Tours: Homepage
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Home Bali Contact Bali Practicalities Bali News Bali Services Bali Transportation Bali Sports Bali Excursions Bali Villas Bali Hotels
Home · News · Emaar Withdraws From US$600 Million Lombok Project
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Bali Hotels
Bali Villas
Special Deals!
Packages
MICE Handling
Bali Excursions
Culinary - Dining
Guided Tour
Bali Spas
Bali Sports
Diving
Golf
Bali Transportation
Car Rental - Selft Drive
Private Jet Charter
Bali News
Bali Services
Bali Practicalities
Bali Contact
Bali Career
Home
 
Bali Update
Subscribe to our free weekly newsletter!
 
PATA header
PATA Gold Award 2007
Bali Update
PATA Gold Award Winner 2007
 
Bali Contact
Bali Discovery Tours
Komplek Pertokoan
Sanur Raya No. 27
Jl. By Pass Ngurah Rai,
Sanur, Bali, Indonesia

Tel:
++62 361 286 283

Fax:
++62 361 286 284

U.S.A. Fax:(toll free)
1-800-506-8633

U.K. Fax:
++44-20-7000-1235

Australian Fax:
++61-2-94750419

24h:
++62 812 3819724

Bali Discovery

SITE PATA ASITA
Bali News

Emaar Withdraws From US$600 Million Lombok Project

Bureaucratic Delays and Venal Officials Blamed for Demise of Transformational Tourism Project for Lombok Island.


Bali News:
Click Image to Enlarge

(3/14/2009)

The Jakarta Globe reports that a massive US$600 Million mega-resort planned for South Lombok is now in jeopardy.

The project of shopping, recreation areas, golf courses and luxurious hotels on a 1,200 hectare site is a "pet project" of Indonesia's Vice President, Jusuf Kalla, who personally invited Dubai's state-owned Emaar Properties to spearhead the investment.

Citing bureaucratic delays and an inability by the government to fulfill its obligations, Emaar announced that thy have closed their Jakarta office and are abandoning it plans for investing in Indonesia. Elly Savitri, a representative of Emaar said. "there have been too many delays on the realization of the project and the company just could not wait any more."

Jakarta Globe coverage suggests that greed on the part of government officials seeking hand-outs may have also played a role in a decision to cancel the project. Meanwhile, others suggest that the worsening global financial crisis may have adversely affected the liquidity of Emaar and diminished their keenness to pursue the Lombok investment.

Lombok is almost certain to be sent reeling by Emaar's decision to quit the project, seen as the catalyst for planned new roads and a new international airport in Lombok. The final project was targeted to host 10,000 luxury villas, eight hotels and two 18-hole golf courses.

Emaar told the press that they have already expended US$4.2 million in consultancy fees in connection with the Lombok project.

Jusuf Kalla's plans to woo Middle Eastern investors appears to be in serious strife. The withdrawal of Emaar from the US$600 million Lombok Project follows the recent pull out of the Saudi Arabian Bin Laden Group from a US$4.3 billion agricultural project planned for Papua.

Vice President Kalla has reportedly convened a special meeting of cabinet ministers in a last ditch effort to salvage the prestigious Lombok project.


© Bali Discovery Tours. Articles may be quoted and reproduced if attributed to http://www.balidiscovery.com.

       

 
Bali News by Bali Update
Subscribe to the Bali Update
Receive the latest news from Bali by email!



Our [Privacy Statement] explains how we handle the data you are providing.

 
Bali News by Bali Update
Explore the Archive of the Bali Update
Find related articles in our news archive!




or try to use Google Search :

Home · Bali Hotels · Bali Villas · Bali Excursions · Bali Sports · Bali News · Site Map · RSS

Bali News: More News
More Coin for Three Fountains
Badung Regency Installing Dancing Fountains at Three Major Public Monuments
(11/18/2017)
For Sale: 350 Bali Houses at Rp. 3 Billion Each
350-Unit Elite Housing Complex to be built in Tohpati, North Sanur, Bali by Waskita Karya Realty
(11/18/2017)
Indonesian Tourism Ė One Complex at a Time
Baliís ITDC Celebrates 44 Years of Developing Indonesian Tourism
(11/18/2017)
Time to Tango?
Solo Tango Orquesta to Appear at Padma Resort Legian, Bali on November 30, 2017
(11/18/2017)
Party on the Beach in Sanur
ARTOTEL to Open a Sanur Beach Club, Bali in December
(11/18/2017)
Bumble in Jungle
Four Villagers in Karangasem, Bali Suffer Attack by Jungle Bees
(11/18/2017)
Whatís the Buzz
Provincial Health Officials Warns Public to be on Guard Against Mosquito Bites that Cause Dengue Fever
(11/18/2017)
Counter Moves at Bali Airport
Bali Airport Adding 40 New Check-in Counters for IMF-World Bank Conference in 2018
(11/18/2017)
Major MICE Show Coming to Indonesia
DestinASEAN Meeting, Incentive, Convention and Exhibition Show in Tangerang, Indonesia April 9-10, 2018
(11/18/2017)
OTAs Asked to Pay their Fair Share in Taxes
Indonesian Hoteliers Want to Pressure International Online Travel Agents to Pay Sales Taxes.
(11/18/2017)
One Less Corrupt Official in Baliís North
Karangasem Official Collecting Illegal Levies from Tulamben Dive Operators Sent to Prison for One Year
(11/18/2017)
A Way Back for Baliís Lake Batur
Regional and National Efforts Underway to Reverse the Severe Environmental Degradation of Baliís Lake Batur
(11/18/2017)
All [News]!