Dubai Firm to Build in Lombok

Dubai-based developer Emaar Properties plans to build a major residential and resort complex on Bali’s eastern neighbor Lombok, British press reports said on Tuesday.

The project is a joint venture with the central government, and a deal was expected to be signed next month, the reports said.

Chairman Mohammad Alabbar said Emaar would than concentrate on expanding in markets it had already entered, with the US a priority.

The publicly traded company posted a net profit of US$1.7 billion for 2006. Among a slew of developments currently underway, Emaar is building what it calls its most “ambitious project” in the United Arab Emirates – the $20-billion Downtown Burj Dubai, which will feature, it claims, the world’s tallest tower and largest entertainment and shopping mall.

Emaar said it recently invested $4 billion as it moves into the retail sector, with capital going towards developing more than 100 malls in the Middle East, North Africa and India.

The company, which also has large interests in the banking and financing worlds, is building 10 Armani hotels around the world that it will manage, according to corporate information.

Education and healthcare complete the Emaar investment portfolio.

No further details on the Lombok project were available.

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