UAE says to invest $10bn with Indonesian sovereign wealth fund

UAE says to invest $10bn with Indonesian sovereign wealth fund

The UAE has announced it will invest $10 billion with Indonesia's sovereign wealth fund, focusing on specific sectors that have robust growth potential.

According to state news agency WAM, the investment with the Indonesia Investment Authority follows directives of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

Investments will focus on sectors including infrastructure, roads, ports, tourism, agriculture, WAM reported.

Long-term agreement has been signed with Indonesian conglomerate Maspion Group to start construction of the projects in Gresik

The investment announcement comes as the UAE and Indonesia continue to enjoy strong economic ties.

The two countries signed several agreements and cooperation deals and 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. Trade exchange volumes have reached about $3.7 billion.

The countries also enjoy strong political and cultural ties. Official diplomatic relations between the two countries began in 1976, with the Indonesian embassy in Abu Dhabi opening in October 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