UAE to invest $10b in Indonesia

UAE will invest in Indonesia with the Asian country’s wealth fund $10 billion under the instructions of Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, Sheikh Mohamed bin Zayed Al Nahyan, reports say.
The investment will go into strategic sectors including infrastructure, roads, ports, tourism, agriculture, and other promising sectors that have potential for growth and can contribute to growth as well as economic and social progress, state-run news agency WAM notes.
The intent comes as relations between the two countries witness tremendous growth. The two countries have several agreements and cooperation deals and the pair recently concluded the UAE-Indonesia Week 2021.
The deals focused on ports, logistics, strategic and defense industries, energy, tourism, the creative economy and mangrove farms.
Trade between the two Muslim countries currently stands at about S$3.7 billion, Arab News reports.

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