$3 Billion Tourism Deal Between Indonesia and UAE

In order to develop better tourism infrastructure in the country, Indonesia’s ministry of state-owned enterprises has signed an MoU with UAE’s Eagle Hills, a property company.

$3 Billion MoU

A Memorandum of Understanding (MoU) has been signed between the two parties, and the deal’s worth is said to be around $3 billion. The deal, which was finalised during Indonesia’s President Joko Widodo’s latest visit to the UAE, will cover the development of hotels, airports, and tourism destinations. Rework on the Soekarno-Hatta International Airport is also part of the deal.

Though the full breakdown of the project has not yet been shared with the public, Eagle Hills is said to be soon starting work on the redevelopment scheme. A statement was published to announce the same: “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.”

About the collaboration, Erick Thohir, minister of state-owned enterprises, Indonesia, said, “This landmark agreement represents a pivotal moment for Indonesia’s tourism sector. By joining forces with Eagle Hills, 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.”

Further, Mohammed Alabbar, chairman, Eagle Hills, stated, “Indonesia has significant potential due to its resources and tourism destinations. Indonesia can be competitive and increase its proportion of the tourism sector’s contribution to the GDP – Eagle Hills would like to support this endeavour.”