It is designated as a special economic zone (Kawasan Ekonomi Khusus / KEK)[3] which stretches over 1,035.67 hectares of the southern coast of the island of Lombok.Due to the global financial crisis in 2008 funding dwindled, so the Emirates had no choice but to sell Mandalika back to the Indonesian government for half of the purchase price.[citation needed] The Indonesian then-President Susilo Bambang Yudhoyono officiated at the groundbreaking ceremony of the Mandalika development project on 21 October 2011.[11][12] Hotels under construction in the resort area are: The Mandalika Circuit, a venue for MotoGP and Superbike World Championship will be delivered by Vinci Grand Projects.Officials from MotoGP™ organisers (Dorna) inspected the track, but no race was scheduled for 2021; World Superbike event was still possible later in the year, depending on travel quarantine requirements.