Qataris favourite for Lombok resort

Qatari Diar, property arm of Qatar's sovereign wealth fund, is being touted as the favourite to win the bid for a US$600 million tourism project in Lombok.

Indonesia has short-listed four firms - a unit of Indian Hotels, Qatari Diar, the UAE emirate Ras Al Khaimah wealth fund's property arm Rakeen, and an unnamed Abu Dhabi firm - for the resort project on Lombok island.

Dubai's Emaar Properties, the Arab world's largest listed developer, which was initially expected to develop the project on the island, was not on the short-list, say local reports.

The Lombok project aims to develop 1,200 hectares along seven kilometres of beaches in southern side of the island into a world-class resort and residential community consisting of 10,000 luxury villas, eight hotels and two 18-hole golf courses.

The project will be developed over the next 12 years.