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UAE reaffirms investment in new capital city through INA
The investments would come from an existing $10 billion funding commitment to Indonesia's sovereign wealth fund.
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Chairman and CEO of Sinar Mas Telecommunication and Technology, Franky Oesman Widjaja, seen with President Joko "Jokowi" Widodo and UAE Prime Minister and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum during the exchange of an MoU in Dubai on Nov. 4, 2021.
T
he United Arab Emirates (UAE) reaffirmed on Thursday that it would invest in Indonesia's new capital city project through an existing US$10 billion funding commitment to the Indonesia Investment Authority (INA).
UAE Ambassador to Indonesia Abdulla Salem Obaid Al Dhaheri said that a portion of the funds would be directed toward the new capital project, while the remainder would go to other projects in strategic sectors such as infrastructure, food security, logistics, E-learning, digital infrastructure and vaccines.
“The UAE is committed to investing in developing a new capital city in Kalimantan, also encouraging other parties to also invest in this project, which is planned as a city built using green and environmentally friendly technology,” Al Dhaheri told The Jakarta Post.
Read also: Softbank, govt clashed over new capital: Sources
The capital city recently lost a major investor after Japan's Softbank Group withdrew from the project, citing an insufficient return on investment. Indonesia has since turned to the UAE and Saudi Arabia to inject more money into the project.
Coordinating Maritime Affairs and Investment Minister Luhut Pandjaitan claimed on March 15 that the UAE was willing to invest at least $20 billion through the INA.
The UAE Embassy neither confirmed nor denied Luhut's claim.
