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UAE billionaire Alabbar’s Eagle Hills sign $3-billion tourism deal with Indonesia

The agreement includes hotels, tourism destinations and infrastructure enhancement at Jakarta's Soekarno-Hatta International Airport

Published: Thu 18 Jul 2024, 7:43 AM

Updated: Thu 18 Jul 2024, 8:01 AM

  • By
  • Wam, Reuters

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President Sheikh Mohamed bin Zayed (R) hosts a dinner reception for Joko Widodo, President of Indonesia (L), at Qasr Al Watan. Seen with Mohamed Alabbar, Chairman of Eagle Hills (C).

President Sheikh Mohamed bin Zayed (R) hosts a dinner reception for Joko Widodo, President of Indonesia (L), at Qasr Al Watan. Seen with Mohamed Alabbar, Chairman of Eagle Hills (C).

President Sheikh Mohamed and Indonesian President Joko Widodo on Wednesday witnessed the announcement of several Memoranda of Understanding (MoUs) and agreements aimed at further developing cooperation between the UAE and Indonesia.

Indonesia's ministry of state-owned enterprises also signed a preliminary agreement with UAE-based property company Eagle Hills to develop tourism infrastructure in the Southeast Asian country, it said on Wednesday.

The Memorandum of Understanding (MoU) was for a $3 billion deal covering development of hotels, airports and tourism destinations, the ministry said in a statement issued during the visit of President Joko Widodo to the UAE.

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The statement did not provide a breakdown of the projects or their value, nor a timeline for the investment plan, but a separate statement from billionaire Mohamed Alabbar’s Eagle Hills said that key aspects of the agreement included infrastructure enhancement at Jakarta's Soekarno-Hatta International Airport.

"The MoU lasts for a year with a possibility to extend it through joint agreement," Indonesian enterprise minister Erick Thohir said in the statement.

"There is no time period set for the $3 billion investment, giving flexibility on implementation."

An agreement to instal solar energy systems on industrial and commercial rooftops in Indonesia was signed. Among the other agreement signed was an MoU on public budget management; an MoU between the Central Bank of the UAE and the Central Bank of Indonesia regarding smart systems; an MoU on cooperation in the peaceful use of nuclear energy; an MoU between the UAE Presidential Court and the Indonesian Ministry of Maritime Affairs and Investment on the establishment of the Mohamed Bin Zayed-Joko Widodo Mangrove Research Centre in Bali, Indonesia; an MoU between the Dubai International Financial Centre and the Nusantara Capital Authority (OIKN); and a framework agreement on maritime patrol aircraft.

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