Author : Suzanne
Emaar Properties has pulled out of a $600 million (Dh2.2 billion) project in Indonesia, Arabic daily Al Khaleej said yesterday, citing an Indonesian government official, without giving a reason for the exit.
The mixed-use project on Lombok Island will be retendered internationally, the official was quoted as saying. Gulf firms and a large Indian company have shown interest in completing its development, the official said.
Emaar was not immediately available for comment. The firm signed a deal to develop the project with Perusahaan Pengelola Aset in 2007.
In February, Emaar said it would focus on mid-income housing in emerging markets and overseas expansion to boost 2010 revenue after returning to profit in the fourth quarter.
Emaar pulled out of a $20 billion development in Algeria in 2009.
Source : Reuters
