Alabbar’s Eagle Hills to invest billions in Indonesia
The Abu Dhabi-based developer inked the deal during Indonesian President Joko Widodo's state visit to the UAE
UAE President Sheikh Mohamed bin Zayed receives Indonesian President Joko Widodo in Abu Dhabi. (Photo: WAM)
UAE property tycoon Mohamed Alabbar plans to invest up to $3 billion in Indonesia’s tourism sector.
Alabbar’s Eagle Hills Properties, an Abu Dhabi-based private real estate investment and development company, inked the one-year deal with Indonesia’s Ministry of State-Owned Enterprises in the presence of Indonesian President Joko Widodo and UAE President Sheikh Mohamed bin Zayed in Abu Dhabi on Wednesday.
Alabbar, who also heads Dubai’s largest developer, Emaar, visited Nusantara, where the Indonesian capital is being relocated, in May where he expressed interest in investing.
The deal to help develop and upgrade airport infrastructure and state-owned hotels comes as President Widodo has been wooing foreign investors before his final term ends this year.