Jokowi Pockets US$ 23 Billion of Investment Deals from the UAE Visit

By Editorial Team 14/01/2020
Summary

Indonesia’s state-owned enterprises and private companies signed 11 business deals with the United Arab Emirates companies with a combined value of US$ 23 billion or Rp 322 trillion. It covered several sectors, including the energy sector. The president announced it on his twitter account, @jokowi, on Monday (11/13).

President Joko Widodo and the UAE’s crown prince, Sheikh Mohammed bin Zayed, signed the contracts. Both of them also discussed the possibility of creating a sovereign wealth fund, pooling the investment funds from various countries, including from the UAE.

Meanwhile, in the energy sector, PT Pertamina is teaming up with a UAE-based energy company, Abu Dhabi National Oil Company (ADNOC). ADNOC will supply 528,000 tons of liquefied petroleum gas (LPG) at the end of 2020. Besides, the company reportedly plans to take part in the oil processing facility development in Balongan, West Java.

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