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Indonesian President Joko Widodo wrapped up his two-day visit to the UAE, where he met President Sheikh Mohamed bin Zayed Al Nahyan at Qasr Al Watan in Abu Dhabi. The two leaders signed a raft of MoUs, building on the comprehensive economic partnership inked between the two countries in 2022, Wam reports. The visit also saw the UAE’s Eagle Hills ink an agreement for a sizable real estate investment ticket, as well as cooperation on the banking front.
INVESTMENT-
Eagle Hills to support Indonesia’s tourism with a USD 3 bn investment ticket: Abu Dhabi-based developer Eagle Hills has signed an agreement worth USD 3 bn with Indonesia’s State-owned Enterprises Ministry to develop the country’s tourism infrastructure, the ministry said in a statement. The agreement will be valid for one year, with an option to extend, the statement said. .
What does the agreement cover? The agreement will see the Emirati firm develop hotels, airports, and tourism destinations, including Jakarta’s Soekarno-Hatta International Airport infrastructure, the Business Times reports. The agreement doesn’t set out a definite timeline for the projects, “giving flexibility on implementation,” the statement said.
REMEMBER- Eagle Hills has been expanding its investments abroad: The developer has this year lined up a USD 1.5 bn investment in a golf course and spa in Baghdad, a EUR 3 bn investment to redevelop a beachfront in Latvia, a more than EUR 5 bn investment in Budapest, and a USD 4 bn investment in real estate in Bahrain.
BANKING-
The Central Bank of the UAE will link its payments system with Bank Indonesia under an MoU signed yesterday to facilitate cross-border payments between the two countries and support economic development, Wam reports. The agreement is an extension of a similar MoU from November 2023, aimed at boosting cooperation and information exchange between the two central banks.
The MoU also sets out a joint mechanism for risk management, regulatory cooperation and user protection.
OTHER MoUs-
- In the energy sector: An agreement to install solar energy systems on industrial and commercial rooftops in Indonesia, and an MoU on promoting the peaceful use of nuclear energy;
- An MoU on public budget management;
- An agreement to establish the Mohamed bin Zayed – Joko Widodo Mangrove Research Centre in Bali;
- In finance: an MoU between Dubai International Financial Centre (DIFC) and upcoming capital city Nusantara’s Capital Authority;
- A framework agreement on maritime patrol aircraft.
ON THE DIPLOMATIC RELATIONS FRONT-
The President awarded the Order of Zayed to Widodo yesterday at Qasr Al Watan, Wam reports. The Order of Zayed, the UAE’s highest civilian honor, was extended to Widodo in recognition of his efforts in strengthening bilateral ties between the two countries.
The president also granted the Order of the Union to Indonesia’s Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, in acknowledgment of his efforts in boosting strategic relations between the UAE and Indonesia.
