IslamNews – The UAE has said that it will will invest $10bn into Indonesia’s sovereign wealth fund, the Indonesia Investment Authority.
The investments will focus on strategic sectors in Indonesia, including infrastructure, roads, ports, tourism, agriculture, and other promising sectors that have potential for growth and can contribute to growth as well as economic and social progress.
The decision to invest the amount was carried out under the directives of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, reported UAE state news agency WAM.
Joko Widodo, President of Indonesia, last month announced the members of the Indonesia Investment Authority’s Board of Supervisors and Board of Directors, which was formed under the Omnibus Job Creation Law passed in October 2020.
The setting up of the board is considered a turning point in the governance and development of the investment system in Indonesia. The Indonesian sovereign fund aims to implement strategic projects that support national development, including the development of infrastructure and the construction of the new capital in Kalimantan.