UAE to inject $10 billion into Indonesia wealth fund

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The United Arab Emirates will invest $10 billion in Indonesia’s sovereign wealth fund, further cementing the relationship between the two markets.

The UAE’s state Emirates News Agency said in a news bulletin Tuesday that the investment comes under the directive of Mohamed bin Zayed, crown prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces.

The emirate will invest $10 billion in Indonesia Investment Authority, Jakarta. The investments will focus on strategic sectors in Indonesia including infrastructure and other sectors that can contribute to growth, economic and social progress.

The sovereign wealth fund had up to $15 billion assets, Bloomberg reported in February.

The UAE and Indonesia have strong political, economic and cultural ties, the bulletin said, with several agreements and cooperation deals in place.

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