Indonesia Secures $22.8 Billion From U.A.E. for Wealth Fund
- United Arab Emirates to join SoftBank, IDFC as fund investors
- Indonesia setting up wealth fund to finance local projects
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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.