UAE to Invest $10 billion in Indonesia’s Newly-Established Sovereign Wealth Fund
The United Arab Emirates (UAE) has committed to invest $10 billion in Indonesia’s sovereign wealth fund, marking the biggest foreign investment since the new body was introduced in February.
In an interview with Kompas.com UAE’s Ambassador to Indonesia and ASEAN, Abdulla Salem Obaid AlDhaheri disclosed that through the Indonesia Investment Authority (INA) the funds would support the development of various strategic sectors in Indonesia, including the country’s new capital city in East Kalimantan.
The investment will also be allocated for infrastructure development, roads, and education in the capital city.
“The investment will also cover the development in the new capital city such as for infrastructure, roads, and education. All sectors should bring benefit to the people of Indonesia,” Abdulla told Kompas.com at the UAE Embassy in Jakarta on Friday, March 26.
Besides, the funds will cover renewable energy, strategic and defense industries, the production of Covid-19 vaccines and detection tools, as well as the agriculture and food security sectors.
UAE has also expressed a commitment to invest in mangrove forests, digital education, tourism, and creative economy, and religious affairs.
The envoy mentioned that the collaboration in the field of religious affairs and defense cooperation is relatively new. The latter will aim to share best practices in military technology.
He said that the injection of the funds was a directive from Abu Dhabi Crown Prince Mohammed bin Zayed al-Nahyan following the state visits made by the leaders of the two nations.
Previously, Mohamed bin Zayed visited Indonesia in 2019, while President Joko Widodo conducted a reciprocal visit in 2020.