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Indonesia, UAE improve economic ties
Indonesia and the United Arab Emirates (UAE) inked US$9.7 billion of investment deals during the official visit of Abu Dhabi's Crown Prince Mohammed bin Zayed al-Nahyan.
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President Joko "Jokowi" Widodo chats with Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan of the United Arab Emirates during the prince's visit to Bogor Palace in West Java on Wednesday. (JP/Seto Wardhana)
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ndonesia and the United Arab Emirates (UAE) inked US$9.7 billion of investment deals during the official visit of Abu Dhabi's Crown Prince Mohammed bin Zayed al-Nahyan to the country on Wednesday.
This is the first state visit of a UAE leader in almost three decades, following that of bin Zayed’s father and then-UAE president Sheikh Zayed bin Sultan al-Nahyan in 1990.
The investment deals, sealed in a memorandum of understanding (MoU) signing session witnessed by President Joko “Jokowi” Widodo and the crown prince at Bogor Palace, West Java, incorporated business-to-business agreements between firms from the two countries.
Among the deals signed during the occasion is the establishment of a comprehensive partnership between state-owned energy giant PT Pertamina and the Abu Dhabi National Oil Company (ADNOC) which covers collaborations in upstream to downstream business activities with a potential value of $2.5 billion.
Publicly listed petrochemical producer PT Chandra Asri Petrochemical also entered into an agreement with ADNOC and OMV on the development of a naphtha cracker and petrochemical complex with a potential value of $6 billion.
At the same time, PT Pelabuhan Indonesia Maspion, owned by diversified conglomerate Maspion Group, and DP World have agreed to develop and operate Maspion Container Terminal in Gresik, East Java, which has a potential value of $1.2 billion.
Transportation Minister Budi Karya Sumadi expressed hope the project’s construction would start in 2021.
