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The Indonesian government and Qatar's Investment Authority
(QAI) have agreed to establish a joint venture to finance a number of
infrastructure projects in Indonesia.
QAI will own 85 percent stake of the joint venture, which will have
initial capital of about US$1 billion. The Indonesian government,
through the Finance Ministry, will own the remaining 15 percent.
"The joint venture will participate in a number of infrastructure,
property and electricity projects," Vice President Jusuf Kalla said
told reporters after the signing of the agreement on the establishment
of the joint venture in Jakarta on Thursday.
The Gulf state's $50 billion sovereign wealth fund is trying to boost
its assets in Asia to counter a weak dollar and capture higher returns.
Qatar, a member of the Organization of Petroleum Exporting Countries,
owns the world's biggest gas field, and channels surpluses from energy
sales to the QIA.
"Our partnership with the Government of Indonesia allows us together to
invest for the long term in Indonesia's attractive economy," QIA
executive board member Hussain Al Abdulla said in a statement. "This
joint venture represents a natural extension of our strategy to
increasingly focus investments in Asia."
Meanwhile, the government's special envoy to the Middle East, Alwi
Shihab, said that Emaar, an investment company based in the United Arab
Emirates, was tentatively scheduled to sign a similar agreement with
the government's asset management company, PT Perusahaan Pengelola Aset
(PPA).
However, the agreement, which would allow them to develop a US$600
million tourist resort in Lombok, could not be signed immediately as
the asset management company was soon to be wound up, he said.
"We hope we can sign the agreement within the next few weeks after the
establishment of a new agency to replace PPA ," Shihab was quoted as
saying by Bisnis Indonesia.
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