Business | Property
Emaar to develop project in Bali
The Bali Tourism Development Corporation (BTDC) has signed a joint venture with Emaar Properties to undertake the Dh2.2 billion ($600 million) Lombok tourism and mixed-use project.
- Staff Report
- Published: 15:58 March 19, 2008
- Yudhoyono with Mohammad Al Abbar. The Indonesian president was also received by Shaikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah.
- Image Credit: Supplied Picture
Dubai: The Bali Tourism Development Corporation (BTDC) has signed a joint venture with Emaar Properties to undertake the Dh2.2 billion ($600 million) Lombok tourism and mixed-use project.
In the presence of Indonesian President Dr Susilo Bambang Yudhoyono, Made Mandra, president director of BTDC, and Mohammad Lutfi, chief of the Investment Coordinating Board, signed the joint venture agreement with Mohammad Al Abbar, chairman of Emaar, in Dubai.
The Lombok project is conceived as a residential and resort community sprawling over 1,175 hectares. Masterplanning will begin in April.
Mandra said: "The joint venture underscores the strong bilateral business relations between Indonesia and the UAE. Indonesia welcomes investments that add to the socio-economic prosperity of our people, and Emaar, with its proven competencies as a world-class developer, can contribute to the country's economic growth. The Lombok project will particularly focus on tourism to complement the growing appeal of the destination."
Bonanza: Dividend approved
Shareholders of Emaar Property have approved the proposed 20 per cent dividend for 2007, the company's chairman said yesterday.
"Because of our desire to expand 20 per cent dividend is good. If there is no money to expand then what would be the future of the share and the company," Mohammad Al Abbar told reporters after the board meeting. Some shareholders pushed for a higher dividend of about 25 per cent and a bonus share issue during the company's annual general assembly.
Last year, a similar 20 per cent cash dividend disappointed investors, sending Emaar shares plunging more than five per cent the next day.
- Reuters
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