Coordinating Maritime Affairs and Investment Minister Luhut Pandjaitan said on Tuesday evening that the UAE’s investments would be funneled into 14 projects, mostly in the energy sector. With a total investment value estimated at $18.8 billion, the UAE would fund one fifth of the projects, while other sources of financing will come from other countries, including Indonesia.

“But that value can change. This is still first phase of negotiations,” he told reporters after a pre-visit meeting with Indonesia’s energy minister, foreign minister and Coordinating Investment Board (BKPM) head in Jakarta on Tuesday. 

Indonesia is looking to the UAE, China and the United States to fund its massive infrastructure projects and boost investment and development against the backdrop of a domestic economic slowdown, Luhut has said previously.

Among the energy projects under discussions with UAE investors are an upgrade of Balongan and Balikpapan refineries in West Java and East Kalimantan, respectively, which are both owned by state-owned energy giant Pertamina. Renewable energy investment is also on the UAE’s radar with the floating Cirata solar power plant in West Java slated to be the biggest of its kind in the country.

“We are still calculating everything. That’s why we had a meeting with ministries and the private sector [on Tuesday],” said Foreign Minister Retno LP Marsudi, “Negotiations will continue on Wednesday and Thursday. That is why, up to this point, we cannot provide details on the exact investment value but, Insya Allah[God Willing], it will be significant.”

UAE Energy Minister Suhail Mohamed Faraj Al Mazrouei told reporters during a visit to Jakarta in July last year that “we are very interested to invest in renewables. We have a company named Masdar that has invested in several countries.”