The UAE plans to invest in building Indonesia’s new capital and also develop properties in Aceh province/Bloombergby Bloomberg
Indonesia has secured $22.8 billion from the UAE to launch its first sovereign wealth fund as the Southeast Asian nation seeks to finance billions of dollars of infrastructure and energy projects.
In a statement, the Cabinet Secretariat said that the UAE plans to invest in building Indonesia’s new capital and also develop properties in Aceh province. The investment agreements covering sectors from energy and telecommunications were signed during President Joko Widodo’s visit to Abu Dhabi.
President Widodo who is into his second and final term has pledged to double down on an ambitious infrastructure building programme that will require more than $400 billion in the next five years to modernise the archipelago of more than 260 million people.
The Indonesian president’s visit saw 16 agreements being signed between the two countries, including 11 business deals in the areas of oil and gas, petrochemicals, ports and telecommunications.
President Widodo also invited the Crown Prince Mohammed Bin Zayed Al Nahyan to join the steering board to build Indonesia’s new capital.
Abu Dhabi National Oil Company and Mubadala Investment Company were among UAE companies that signed agreements with Indonesian firms in 2019 to explore investment opportunities from sectors ranging from oil and gas, ports and tourism.