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Indonesian Ministry of State-Owned Enterprises and Eagle Hills Properties sign $3 billion tourism development agreement
The MoU will be effective for one year, with the possibility of extension through mutual agreement. There is no fixed timeframe for the $3 billion investment, allowing for flexibility in implementation
Minister of SOEs Erick Thohir and Mohammed Alabbar, founder and chairman of Eagle Hills Properties, and founder of Emaar Properties, signed the agreement, which outlines plans for investments of up to $3 billion in Indonesia's tourism infrastructure.
The Ministry of State-Owned Enterprises (SOEs) of the Republic of Indonesia has entered into a landmark partnership with Eagle Hills Properties to boost Indonesia's tourism and infrastructure sectors. The memorandum of understanding (MoU) was signed on Wednesday in the presence of Indonesian President Joko Widodo and UAE President Sheikh Mohammed bin Zayed Al Nahyan.
Minister of SOEs Erick Thohir and Mohammed Alabbar, founder and chairman of Eagle Hills Properties, and founder of Emaar Properties, signed the agreement, which outlines plans for investments of up to $3 billion in Indonesia's tourism infrastructure.
Key aspects of the collaboration include:
• Comprehensive investment in property development, airport areas, and tourism destination ecosystems.
• Knowledge transfer through joint studies, workshops, and training programs
• Enhancement of airport infrastructure, particularly Soekarno-Hatta International Airport
• Upgrading of state-owned hotels to international standards
• Development of new tourism destinations
Minister Erick Thohir expressed his optimism about the collaboration, stating: “This landmark agreement represents a pivotal moment for Indonesia's tourism sector. By joining forces with Eagle Hills Properties, we are setting the stage for unprecedented growth and development in our hospitality industry. This partnership aligns perfectly with our national strategy to diversify our economy and establish Indonesia as a premier global tourism destination. We are confident that this collaboration will not only boost our infrastructure but also create significant employment opportunities and drive sustainable economic growth across our beautiful archipelago."
Mohammed Alabbar added: "Indonesia has significant potential due to its resources and tourism destinations. [We believe] Indonesia can be competitive and increase its proportion of the tourism sector’s contribution to the GDP [gross domestic product] – Eagle Hills would like to support this endeavour."
The MoU will be effective for one year, with the possibility of extension through mutual agreement. There is no fixed timeframe for the $3 billion investment, allowing for flexibility in implementation.
This collaboration marks a significant milestone in Indonesia's efforts to attract foreign investment and expertise to bolster its tourism industry, potentially reshaping the country's tourism landscape in the coming years. It is part of a broader drive by the Ministry of SOEs to increase collaborations between Indonesian SOEs and global companies to boost productivity and impact for Indonesia.
SOEs across various sectors have established key partnerships with global partners, including those with US-based Merck for vaccines, Swire Hong Kong in the healthcare sector, and with UAE-based clean energy company Masdar.
Several collaborations have also been made to help build Indonesia’s electric vehicle (EV) ecosystem, such as with Canadian mining giant Vale-Base-Metal for nickel production, and with Ford and Volkswagen for manufacturing.
“We believe that through these partnerships, Indonesian SOE assets can be optimised through value creation and exploration to maximise economic growth and job creation across the country. These established partnerships demonstrate that our SOEs are increasingly more competitive and meet international standards that instil confidence in our global partners,” said Minister Erick Thohir.
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