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UAE announces $10 billion investment in Indonesia on Mohamed bin Zayed’s directives

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Tue 23-03-2021 10:11 AM

UAE announces $10 billion investment in Indonesia on Mohamed bin Zayed’s directives




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ABU DHABI, 23rd March, 2021 (WAM) -- In implementation of the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the UAE has announced that it will invest US$10 billion with the Indonesia's sovereign wealth fund – Indonesia Investment Authority.

Investments will focus on strategic sectors in Indonesia, including infrastructure, roads, ports, tourism, agriculture, and other promising sectors that have potential for growth and can contribute to growth as well as economic and social progress.

Joko Widodo, President of Indonesia, last month announced the members of the Indonesia Investment Authority’s Board of Supervisors and Board of Directors, which was formed under the Omnibus Job Creation Law passed in October 2020.

The setting up of the board is considered a turning point in the governance and development of the investment system in Indonesia. The Indonesian sovereign fund aims to implement strategic projects that support national development, including the development of infrastructure and the construction of the new capital in Kalimantan.

The UAE and Indonesia enjoy strong political, economic and cultural ties. Official diplomatic relations between the two countries began in 1976, with the Indonesian embassy in Abu Dhabi opening on October 28, 1978. The UAE embassy in Jakarta was inaugurated in 1991, following a historic visit by the late Sheikh Zayed bin Sultan Al Nahyan to Indonesia in 1990.

Relations between the two countries have witnessed tremendous growth in recent years with an increase in mutual visits at the level of top leadership and senior officials, most notably the visit by Indonesian President Joko Widodo in September 2015 to the UAE, and the visit by His Highness Sheikh Mohamed bin Zayed Al Nahyan to Indonesia in July 2019.

The two countries signed several agreements and cooperation deals. The two sides recently concluded the UAE-Indonesia Week 2021, during which several cooperation agreements were signed relating to ports, logistics, strategic and defence industries, energy, tourism, the creative economy and mangrove farms. In terms of trade and economic ties, there was remarkable growth, with the volume of trade exchange reaching about US$3.7 billion.


WAM/ /Rola Alghoul/Binsal AbdulKader



@Abu Dhabi :cheers:
 
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President Joko “Jokowi” Widodo has chosen a seasoned banker, Ridha DM Wirakusumah, to lead the country's sovereign wealth fund, called the Indonesia Investment Authority (INA), which it is hoped will attract global investors to Southeast Asia’s largest economy. The former president director of private lender Bank Permata spent more than 30 years in banking and investment before assuming the role as CEO of the wealth fund.
 

Indos

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Next I hope it will be Saudi, Qatar, Bahrain, Kuwait, and Brunei. I can see 25-30 billion USD can be taken for this year alone inshaAllah and I think it is already enough to fund enough project until Jokowi second term is ended in 2024 November. With the requirement of having high local content, I hope our steel, cement, and others can get benefit from this investment as well.

First with that amount of money the Board should show case the projects funded by this SWF can be really clean, profiting local supplier, and also profitable as well.

If next administration (Jokowi cannot run again) doesnt use Sri Mulyani as finance minister, I hope Sri Mulyani can still be appointed as the chairman of our SWF supervisory board at least until 2030 under new administration (2024-2029).
 
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Indonesia's Long-Term Trajectory 'Intact': Wealth Fund Chief
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Jul 14, 2021


Jul.14 -- Ridha Wirakusumah, chief executive officer of the Indonesia Investment Authority, or INA, discusses the prospects for the economy and the sovereign wealth fund, which was launched in February. President Joko Widodo had set a goal of expanding INA to $200 billion over the next two to three years, a long way from its $15 billion start. Wirakusumah speaks on "Bloomberg Markets: Asia."
 

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