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Indonesia’s Ministry of State-owned Enterprises (MSOE) signed a memorandum of understanding with UAE real estate developer Eagle Hills in a bid to boost the country’s tourism and infrastructure sectors.
The memorandum was signed by MSOE minister Erick Thohir and Eagle Hills chair Mohammed Alabbar.
The MoU will be effective for one year, with the possibility of extension through mutual agreement. There is no fixed timeframe for the $3 billion investment, allowing for flexibility in implementation.
Joining forces for progress
Thohir said of the agreement: “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.”
The minister added that he is confident that the collaboration will boost his country’s tourism infrastructure, create significant employment opportunities, and drive sustainable economic growth nationwide.
For his part, Alabbar said: “Indonesia has significant potential due to its resources and tourism destinations. [We believe] Indonesia can be competitive and increase its proportion of the tourism sector’s contribution to the gross domestic product. Eagle Hills would like to support this endeavour.”
Building up tourism ecosystems
This partnership entails investments of up to $3 billion in the Indonesian tourism and infrastructure ecosystems. Its main aspects include a comprehensive investment in tourist destinations, airports, and hospitality-centric property; as well as the development of new tourism ecosystems.
It also calls for enhancements for both infrastructure and capacity at Indonesia’s primary airports; upgrades to state-owned hotels to bring them up to global standards; and knowledge transfer through joint studies, workshops, and training programmes.
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