Key points
- Prabowo is on a five-nation tour of the Middle East
- The fund, Danantara Indonesia, was launched in February
- Jakarta has planned energy projects worth around $40 billion this year
Jakarta, Indonesia: Indonesian President Prabowo Subianto said Qatar is set to invest $2 billion in his country’s new sovereign wealth fund as he looks to boost economic growth.
According to AFP, Prabowo is on a five-nation tour of the Middle East, visiting the United Arab Emirates, Turkey, Egypt, Qatar and Jordan to boost bilateral ties with the region.
He said Sunday he had a “productive” meeting with Qatar Emir Sheikh Tamim bin Hamad Al-Thani and that the country would invest in the Danantara Indonesia fund.
Danantara Indonesia
According to AFP, Danantara Indonesia was launched in February by President Prabowo Subianto who pledged to ramp up annual growth from five to eight percent, while ordering billions of dollars in government cuts.
According to the fund’s website, Danantara Indonesia is an investment arm that consolidates and optimises Government’s Investments to support national economic growth. In pursuit of its strategic objectives, Danantara Indonesia aims to drive economic growth with a professional approach and implementing good governance.
According to AFP, the fund will take control of government holdings in state companies with an initial budget of $20 billion.
It is the country’s second sovereign wealth fund, after the Indonesia Investment Authority, which was launched in 2021 and holds $10.5 billion in assets.
Foreign advisors
Danantara announced its full board lineup last month with American billionaire Ray Dalio and former Thailand prime minister Thaksin Shinawatra appointed as advisors.
Jakarta has planned more than 20 energy projects worth around $40 billion this year, energy and mineral resources minister Bahlil Lahadalia said in March, partly funded by Danantara.
