Dubai's Emaar to invest in leisure project in Indonesia

Emaar Properties, one of the world largest property firms by market value, will invest more than 600 million U.S. dollars to build resort in island of Lombok of eastern Indonesia's West Nusa Tenggara province, chairman of the company Mohamed Alabbar said Monday.

The biggest Arab property company, which has a market value of 25 billion U.S. dollars, and its joint venture in Indonesia the Asset Management Company (PPA) signed an agreement on the projects on Monday, witnessed by Indonesian Vice President Jusuf Kalla and the chairman of the company at the vice presidential office here.

Allabbar said that the development of the projects would start next year but an international air port had already started.

All the works were planned to be finished in 2009, he said.

They will invest more than 600 million U.S. dollars to build resort in Lombok island, Alabbar told a joint press conference

The company, which operates in 33 countries, chose Lombok, which is located near Indonesia's beautiful resort of Bali, for the reason of building new style of tourist destination, he said.

Deputy chairman of the PPA Raden Pardede said that the project now had 1,175 hectares of land for the resort.

Indonesian Tourism Minister Jero Wacik said that the chairman of the company promised to bring about 2 million tourists per year when all the projects are delivered.

Besides, scores of airlines would also open routes to the island, he said.

Indonesian Vice President Jusuf Kalla gave support to the companies to finish the works.

Tourists can enjoy life in the tropical country, he said.

Indonesia is earnestly luring investors by providing a favorable environment through legal system.

Source: Xinhua