UAE investor to develop resort area in Lombok Island

Jakarta (Antara News) - Dubai-based property development company EMAAR Properties LLC in cooperation with the Asset Management Company (PPA) would soon develop a tourist resort in Lombok island in West Nusatenggara (NTB) province, a report said.

The project to develop the resort area which covered 1.175 ha land allocated by Lombok Tourism Development firm (PT PPL) needed a total fund of US$600 million, PPA corporate secretary Renny O Rorong said in the statement made available here Tuesday.

PPA which is the management of the PT PPL`s land has signed a Memorandum of Understanding (MoU) on Lombok Tourism Development Complex project with EMAAR here Monday.

The agreement was signed by PPT director Mohammad Syahrial and EMAAR chairman Mohamed Ali Alabbar.

During the next three months, Renny said, PPA and EMAAR will comprehensively discuss a plan to carry out the project and finish it in 2009.

Vice President Jusuf Kalla, Finance Minister Sri Mulyani, State Minister for State Enterprises Soegiarto, Transportation Minister Hatta Rajasa, and Culture and Tourism Minister Jero Wacik were among officials who witnessed the signing of the MoU. (*)
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