Bakrieland Says Dubai World Unit May Exit From Jakarta Real Estate Project

Published on June 22, 2011, and picked up by BusinessWeek, The Jakarta Globe and ArabianBusiness.com.

PT Bakrieland Development, Indonesia’s second-biggest property developer by assets, said its partner Dubai World may pull out of a real estate project in Jakarta and expects a decision within three months.

Limitless LLC, a property developer owned by Dubai World, agreed in September 2008 to invest in the project, valued at $1.7 billion at the time, and has delayed its investment following the global credit crisis, Bakrieland’s Chief Executive Officer Hiramsyah Sambudhy Thaib said. Limitless said it’s assessing its options for the venture.

Read more at Bloomberg.com.

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