Africa News UAE crown prince to lead new capital construction

UAE crown prince to lead new capital construction


- Advertisment -

Crown Prince Sheikh Mohammed bin Zayed Al Nahyan said it would be “an honor to play a role in the development of the largest Muslim-majority country,” Indonesian Coordinating Maritime Affairs and Investment Minister Luhut Binsar Pandjaitan said in a statement.

The committee will also include Masayoshi Son, the billionaire founder and chief executive of Japanese holding company SoftBank, and former British Prime Minister Tony Blair, who currently runs the Tony Blair Institute for Global Change, he said.

“We expected their presence would provide a confidence boost for prospective investors in the new capital,” Pandjaitan said.

Indonesian President Joko Widodo met Sheikh Mohammed during a two-day trip to Abu Dhabi that ended on Monday.

Widodo announced last August that Indonesia’s capital will move from overcrowded, sinking and polluted Jakarta to a site in sparsely populated East Kalimantan province on Borneo island, known for rainforests and orangutans.

The capital’s relocation to a 180,000-hectare site almost triple the size of Jakarta will cost an estimated US$34 billion. Of that, 19 percent is to come from the state budget and the rest from cooperation between the government and business entities and from direct investment by state-run companies and the private sector.

Widodo welcomed talks between Indonesian officials and the United Arab Emirates, as well as SoftBank, on the setting up of an Indonesia Sovereign Wealth Fund which will be finalized at the end of this month in Tokyo, the maritime and investment ministry said.

It said the UAE, a federation of seven sheikdoms on the Arabian Peninsula; SoftBank; and the US International Development Finance Corporation will participate in the SWF’s funding of Indonesian development projects.

The idea to set up the fund came during a visit by Sheikh Mohammed to Indonesia last July, and the UAE has pledged to become the main investor in SWF projects, Pandjaitan said.

During Widodo’s visit to Abu Dhabi, the two countries reached 16 business and government deals in which the UAE agreed to invest $6.8 billion through five government-to-government agreements and 11 business-to-business deals, the maritime and investment ministry said.

Jakarta is an Asian mega-city with 10 million people, or 30 million including those in its greater metropolitan area. It is prone to earthquakes and flooding and is rapidly sinking because of uncontrolled extraction of ground water. The water and rivers are highly contaminated. Congestion is estimated to cost the economy $6.5 billion a year.

Mineral-rich East Kalimantan was once almost completely covered by rainforests, but illegal logging has removed many of its original growth. It is home to only 3.5 million people and is surrounded by Kutai National Park, known for orangutans and other primates and mammals.

Indonesia is archipelago nation of more than 17,000 islands, but currently 54pc of the country’s nearly 270 million people live on Java, the country’s most densely populated area.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest news

Dubai Customs launches Cross Border e-Commerce platform

Dubai: Dubai Customs officially launched its Cross Border e-Commerce platform as part of its organized activities in the 3rd...

Nigeria U19 United Arab Emirates U19

Nigeria U19 Squad: Samuel Mba, Elijah Olaleye, Isaac Danladi, Sulaimon Runsewe(w), Miracle Akhigbe, Sylvester Okpe(c), Abdulrahman Jimoh,...

Taqa Morocco consolidates its business model

Related Articles The Taqa group could not have hoped for better with the extension for 17 additional...

Banks to provide $650 mln loan for Kuwait wastewater plant

DUBAI, Jan 29 (Reuters) - A group of six local and international banks has agreed to provide a $650...

INTERVIEW: Saudi’s VIP helicopter operator gears up for new phase of growth

Saudi Vision 2030’s plan to reduce the country’s dependence on oil and diversify into areas like tourism was one...

Saudi Telecom offers US$2.39 bil for Vodafone Egypt stake

CAIRO/DUBAI (Jan 29): Saudi Telecom Co offered US$2.39 billion for Vodafone Group Plc’s holding in its Egyptian unit, as...

Must read

Dubai Customs launches Cross Border e-Commerce platform

Dubai: Dubai Customs officially launched its Cross Border e-Commerce...

Nigeria U19 United Arab Emirates U19

Nigeria U19 Squad: Samuel Mba, Elijah Olaleye,...
- Advertisement -

You might also likeRELATED
Recommended to you