Emaar withdraws from Lombok project
A US$600 million mega-resort planned for the Indonesian island of Lombok is reportedly in jeopardy after UAE-based developer, Emaar, pulled out.
According to a Jakarta Globe report, published by www.balidiscovery.com, Emaar has closed its Jakarta office and is abandoning all plans for investing in Indonesia, citing bureaucratic delays.
“There have been too many delays on the realization of the project and the company just could not wait any more,” Emaar spokesperson, Elly Savitri, was quoted saying.
There is speculation however, that the pull-out could be a reflection of the impact the global financial crisis is having on the UAE’s previously spendthrift developers. Emaar’s great rival, Nakheel, has already announced the suspension of several projects, including plans for the world’s tallest building, the Nakheel Harbour & Tower.
The Lombok project, which had been planned to include 10,000 luxury villas, eight hotels and two 18-hole golf courses, had been seen as a catalyst for planned new infrastructure development on the island, including a new international airport.