Lombok tender to be reissued after Emaar Property pulls out

The Indonesian government has said it plans to reissue a tender for an integrated resort project in Lombok after Dubai-based real estate developer Emaar Property pulled out citing financial problems.

Speaking to The Jakarta Post Investment Coordinating Board (BKPM) Chairman Gita Wirjawan said: “Four investors, from Abu Dhabi, Qatar, India and the United Arab Emirates are interested in the project,” adding the government was still preparing the tender for the resort project, which would require a US$600 million minimum investment.

Earlier this year the government terminated all commitments with Emaar Properties on a mega-tourism project in Lombok, West Nusa Tenggara. The development has faced well-documented problems since the signing of a joint venture agreement in March 2008.