Indonesia's ministry of state-owned enterprises has entered into a preliminary agreement with UAE-based property firm Eagle Hills to enhance tourism infrastructure in the Southeast Asian nation, according to a statement released on Wednesday.
The Memorandum of Understanding (MoU) involves a $3 billion investment in the development of hotels, airports, and tourism sites, as stated by the ministry during President Joko Widodo's visit to the UAE. The statement did not specify the individual projects or their respective costs, nor did it outline a timeline for the investment strategy. However, Eagle Hills issued a separate statement noting that significant components of the agreement include improvements to Jakarta's Soekarno-Hatta International Airport.
The MoU is initially set for one year and may be extended by mutual consent, as stated by Indonesian enterprise minister Erick Thohir. He also mentioned that the $3 billion investment does not have a fixed timeframe, providing flexibility in its execution.
