The UAE will be making an investment of $10 billion with the Indonesia Investment Authority (INA), the country’s sovereign wealth fund, under the orders of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The investment will primarily focus on infrastructure, roads, ports, tourism, agriculture, and other promising industries with growth potential which can contribute to development as well as economic and social progress.
Members of the Indonesia Investment Authority’s Board of Supervisors and Board of Directors, which was created in October 2020 as part of the new Omnibus Job Creation Law was recently announced by Indonesian President Mr. Joko Widodo.
The establishment of the board is regarded as a turning point in the governance and growth of Indonesia’s investment system. The Indonesian sovereign fund aims to carry out strategic projects that promote national growth, such as infrastructure development and the construction of the new capital in Kalimantan.
Indonesia and the UAE have strong political, economic, and cultural ties. The Indonesian embassy in Abu Dhabi opened on October 28, 1978, with the two countries establishing official diplomatic relations in 1976. Following the late Sheikh Zayed bin Sultan Al Nahyan’s historic visit to Indonesia in 1990, the UAE embassy in Jakarta was established in 1the following year.
Several agreements and cooperation deals were signed between the two countries. The UAE-Indonesia Week 2021 concluded recently, during which several cooperation agreements in the areas of ports, logistics, strategic and defense sectors, energy, tourism, the creative economy, and mangrove farms were signed. The volume of trade exchange reached around $3.7 billion, indicating significant growth in trade and economic ties.