UAE's Eagle Hills Signs $3Bn Deal To Develop Tourism Infrastructure In Indonesia

UAE-based property company Eagle Hills and Indonesia's ministry of state-owned enterprises signed a preliminary agreement Wednesday to develop tourism infrastructure in Indonesia.

The Memorandum of Understanding (MoU) involves a $3 billion deal for developing hotels, airports, and tourism destinations in the South Asian country, as stated by the ministry during Indonesian President Joko Widodo's visit to the UAE.

"The MoU lasts for a year with a possibility to extend it through joint agreement. There is no time period set for the $3 billion investment, giving flexibility on implementation," Indonesian enterprise minister Erick Thohir was quoted as saying by Khaleej Times.

The signing ceremony of the tourism agreement and various other deals to enhance cooperation between the two countries were witnessed by Presidents Sheikh Mohammed bin Zayed Al Nahyan and Widodo.

Additional MoUs included the installation of solar energy systems on industrial and commercial rooftops in Indonesia, public budget management, cooperation between the central banks of the UAE and Indonesia on smart systems, and cooperation in the peaceful use of nuclear energy.

Moreover, agreements for establishing the Mohamed bin Zayed – Joko Widodo Mangrove Research Centre in Bali, collaboration between Dubai International Financial Centre and the Nusantara Capital Authority (OIKN), as well as a framework agreement on maritime patrol aircraft were signed on the same day.

Widodo expressed pride in the strong cooperation with the UAE President over the past decade, adding that he is looking forward to further strengthening the relationship between the two countries.

He also welcomed the newly signed agreements in various important sectors, emphasizing their role in strengthening the ties between the UAE and Indonesia. He highlighted the importance of working together, especially in renewable energy, environmental protection, climate action, trade, and investment.

He highlighted that the UAE was the first country in the Middle East to form a Comprehensive Economic Partnership with Indonesia.

The signing ceremony was also attended by Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, alongside Crown Prince of Abu Dhabi Sheikh Khaled bin Mohamed bin Zayed Al Nahyan.

In May, UAE's Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei led the country's delegation to the 10th World Water Forum in Bali, emphasizing the importance of sustainable water supply.