UAE to invest $10bn in Indonesia’s new sovereign wealth fund

The funds will be used for infrastructure, tourism, agriculture and other ‘strategic sectors’, UAE’s state news said.

The United Arab Emirates will invest $10bn in Indonesia’s new sovereign wealth fund to be spent on projects inside Southeast Asia’s biggest economy, the UAE state news agency reported on Tuesday. This marks the biggest foreign investment commitment for the Indonesia Investment Authority (INA) and the first since its February launch. Authorities have previously said the INA had also received commitments of up to $10bn prior to its launch, from global companies and agencies, such as the United States International Development Finance Corporation and the Japan Bank for International Cooperation, and some foreign pension funds.