Businesses in oil-rich Middle Eastern countries are investing money into Indonesia, according to an Asia Pulse report on Friday (29/2/08).
Investments are targeted at a wide range of industries, from telecommunications and utilities to property development and financial services.
Emirates Telecommunications Corp. (Etisalat), a major telecommunications company, will take a 15.95% stake in PT Excelcomindo Pratama, the countryâ€™s third-largest cellular provider as early as this year.
The UAE firm will buy the interest from a local conglomerate for an estimated $438 million. The deal will give Etisalat, which operates in 16 countries, mostly in the Middle East and Africa, an opportunity to branch into Asia.
Emaar Properties PJSC, a major real estate company in the UAE, plans to begin resort development in Lombok in West Nusa Tenggara. A hotel, golf course and other facilities will be built on a 1,200-hectare property with an investment estimated at $600 million.
Gulf Petroleum of Qatar and a Bahraini mining firm plan to jointly build a 300-MW power plant at a cost of $400 million, teaming up with a local company.
In the financial sector, the Qatar Investment Authority, a government-backed fund, late last year reached an agreement with the Indonesian government to form a joint venture capitalized at about $1 billion.
The new venture, to be owned 85% by the Qatari side, will invest in oil and gas development and infrastructure projects.