UAE to invest $10bn with Indonesia sovereign wealth fund

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Dubai

The UAE said it will invest $10 billion with Indonesia’s sovereign wealth fund as the two countries strengthen commercial ties.

The focus will be on strategic sectors in Indonesia, including infrastructure, roads, ports, tourism, agriculture, and other growth sectors, UAE state news agency WAM reported.

The Indonesia Investment Authority wants to implement strategic projects that support national development, including the development of infrastructure and the construction of the new capital in Kalimantan.

The two countries have already signed several agreements and cooperation deals and the pair recently concluded the UAE-Indonesia Week 2021.

This gathering led to several deals being signed relating to ports, logistics, strategic and defense industries, energy, tourism, the creative economy and mangrove farms.

Trade between the countries currently stands at about S$3.7 billion.—AN