Dubai, UAE; May 7, 2008: Emaar Properties, the Dubai-based property developer with a significant presence in 36 markets globally, has accelerated its development plans for Indonesia with the opening of its country office in Jakarta. The office will steer the development of Emaar's first project in the country, the mega-tourism and mixed-use project in Lombok, and also explore new opportunities for growth.
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. The Lombok site, to spread over 1,175 hectares, will be an environmentally friendly project that will energise the country's tourism sector.
The opening of the office follows the joint venture agreement signed by the Bali Tourism Development Corporation (BTDC) and Emaar, in Dubai recently, to undertake the Lombok project. Masterplanning for the AED 2.2 billion (US$600 million; IDR5,446 billion) development is scheduled to begin in April.
"With our development plans for Indonesia, Emaar is consolidating its geographic expansion in Asia," said Mohamed Ali Alabbar, Chairman, Emaar Properties. "Emaar's country office in Jakarta will lead the company's efforts at identifying new growth opportunities in the country, and also ensure the on-schedule delivery of the Lombok project, which has the potential to create a new tourism hub like Bali."
The master-planned community is set on the Kuta and Tanjung beaches and will integrate natural elements into a residential, leisure and hospitality zone. The leisure spread includes diving, snorkeling, hiking and surfing sports, for which Lombok is acclaimed globally. The Lombok project will have over 17 km natural waterfront, which will support a marina, apart from luxury residences and resorts by five-star hospitality chains.
"The project will generate new jobs and support ancillary economic sectors," added Mohammed Ali Abdullah, Regional Executive Director, Emaar International – Indonesia, Algeria and Libya. "In line with environmental best practices, the Lombok project will explore new advances in project development and create a sustainable tourist hub."
Emaar had highlighted its commitment to Indonesia with the rebuilding of an earthquake ravaged village. A joint initiative with the World Association of Non-Government Organizations (WANGO), Emaar's project in Ngelepen encompassed the construction of unique Monolithic EcoShell Dome homes, which mitigate the effects of natural disasters.
Emaar's expansion to Indonesia is in line with its Vision 2010 to become one of the most valuable companies in the world through geographic expansion and business segmentation. Emaar has a growing presence in Asia, and last year opened its first Emaar - Raffles International School in Singapore, which also marked the company's move into education.
