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Dubai real estate group keen to invest in Nusantara, says IKN Authority
An integrated property development and construction firm from Dubai has become the first company in months to express an interest in developing the new capital city in East Kalimantan, and is looking to invest in 10 hectares of Nusantara's mixed-use commercial zone.
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The wing-shaped skeleton frame of Garuda Palace reaches out beneath white clouds on Aug. 17, 2024, during the 79th Independence Day celebrations in Nusantara, East Kalimantan. (AFP/Bay Ismoyo)
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The Nusantara Capital City (IKN) Authority says the Ayedh Dejem Group from the United Arab Emirates (UAE) has submitted an expression of interest for investing in the commercial area of the nation’s future capital in East Kalimantan.
IKN Authority head Basuki Hadimuljono said on Thursday that the Dubai-based company was looking to develop a 10-hectare plot in Nusantara’s mixed-use commercial zone, which restricts the development of competing shopping centers within a 5-kilometer radius.
“Ayedh Dejem Group has also made plans to acquire four hectares of additional land as a part of its social commitment,” Basuki said on Thursday, as quoted by state news agency Antara.
He declined to reveal the investment amount, as the company had signed a nondisclosure agreement.
Ayedh Dejem CEO Zed Ayesh said the company’s “collaboration with the IKN Authority could become the beginning of its long-term journey in Indonesia”, according to Antara.
The UAE firm’s potential investment in Nusantara is the first to surface in months ever since President Prabowo Subianto indicated his priorities were different from that of his predecessor Joko “Jokowi” Widodo, who initiated the IKN relocation and development megaproject.
