Indonesia, UAE sign $23bn investment deals

Settlements in the energy division and groundwork projects signed between the two countries. UAE and Indonesia have uncovered nearly US$23 billion in business deals, incorporating arrangements in the energy sector and on infrastructure projects, the Southeast Asian nation said Monday.

The speculations will be made through a new Indonesian independent wealth fund set to also include Japan’s Softbank and US International Development Finance Corporation, without expounding.

The number comprises nearly a dozen deals signed after a meeting between Indonesian President Joko Widodo and Crown Prince Sheikh Mohammed Bin Zayed in Abu Dhabi over the weekend, Widodo said on social media.

Energy firms Pertamina and Abu Dhabi National Oil Company with $12.6 billion to grow a petrochemical plant in West Java, conferring to Indonesia’s foreign ministry.

Further promises include deals in ports, renewable energy and agriculture.

Leader of Indonesia has said he will attention his second term on attracting more foreign investment to Southeast Asia’s biggest economy and keep up a multi-billion-dollar infrastructure drive.

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