UAE will invest $22.8b in Indonesia through sovereign wealth fund

Photo: Pixabay

The United Arab Emirates will invest $22.8 billion in Indonesia through a sovereign wealth fund being set up by President Joko Widodo as the Southeast Asian nation seeks to finance billions of dollars of infrastructure and energy projects.

The U.A.E. plans to invest in building Indonesia’s new capital and also develop properties in Aceh province, the cabinet secretariat said in a statement, citing Coordinating Minister for Maritime Affairs and Investment Luhut Pandjaitan. The investment agreements also covering sectors from energy and telecommunications were signed during Widodo’s visit to Abu Dhabi where the Indonesian president also met Crown Prince Mohammed Bin Zayed Al Nahyan.

The Arab economy joins SoftBank Group. and the U.S. International Development Finance Corp. as investors keen to participate in the sovereign fund that will fund toll roads, ports and petrochemical projects in Indonesia. Widodo, also known as Jokowi, who is into his second and final term, has pledged to double down on an ambitious infrastructure building program that will require more than $400 billion in the next five years to modernize the archipelago of more than 260 million people.

Jokowi’s visit also saw 16 agreements being signed between the two countries, including 11 business deals in the areas of oil and gas, petrochemicals, ports and telecommunications. The Indonesian president also invited the crown prince to join the steering board to build Indonesia’s new capital, according to the statement.

The bilateral relations between the two countries could be further strengthened, Jokowi’s office cited the crown prince as saying in a statement. “We can start a new era of closer relations between the two countries,” he said.

Abu Dhabi National Oil Co. and Mubadala Investment were among U.A.E. companies which signed agreements with Indonesian firms last year to explore investment opportunities from sectors raging from oil and gas, ports and tourism.

Bloomberg

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.