Indonesia wins Brunei’s commitment of 450 mln USD for new capital development

Brunei’s investor consortium has committed to investing in Indonesia’s would-be new capital (locally known as IKN, located in the country’s East Kalimantan province).

 

Jakarta (Indonesia Window) – Brunei’s investor consortium is committed to investing in Indonesia’s would be-new capital (locally known as IKN, located in the country’s East Kalimantan province) with an investment value of between 300 million US dollars and 450 million US dollars.

The commitment from Brunei’s investor consortium was conveyed by Princess Anak Putri Hajjah Amal Rakiah (younger sister of Sultan Hassanal Bolkiah) when leading a delegation of investors to meet Indonesia’s President Joko Widodo at the Assaara Guest House in Bandar Seri Begawan on January 13, 2024.

According to Indonesia’s Ambassador to Brunei Achmad Ubaedillah, who was the moderator at Brunei’s investor consortium meeting with President Widodo, a written commitment to invest in IKN was handed over by Putri Amal Rakiah to Head of the IKN Authority Bambang Susantono and witnessed by the president.

Previously, President Widodo in Bandar Seri Begawan was welcomed by the Minister of Defense II, Major General (Ret.) Pehin Halbi bin Mohd. Yussof, Chief of the Royal Brunei Police Force Mohammad Irwan bin Hambali, Head of the Royal Brunei Armed Forces Major General Muhammad Haszaimi bin Bol Hassan, Indonesian Ambassador to Brunei Achmad Ubaedillah and his wife, and Defense Attaché Colonel Arm. Doddy Suhadiman and his wife.

While in Bandar Seri Begawan, the president and the ministers stayed at the Assaara Guest House provided by the Government of Brunei Darussalam.

When they arrived at the Guest House, the president and his entourage were welcomed by the Head of the IKN Authority Bambang Susantono, Deputy Head of the Indonesian Representative Office to Brunei Irwan Iding, and diplomats at the Indonesian Embassy in Bandar Seri Begawan as well as representatives of Indonesian citizens living in Brunei.

Regarding the investment commitment in IKN, the Ryada Holding Investment Group as the investment consortium has signed a Letter of Intent (LoI) to invest in IKN, in two housing projects with a value of between 300 and 450 million US dollars.

On the occasion of the meeting with Putri Amal Rakiah, President Widodo appreciated and expressed his gratitude for the investment consortium’s commitment to investing in IKN and inviting investors to see the progress of IKN development.

At the business meeting, Princess Anak Putri Hajjah Amal Rakiah was accompanied, among others, by Mohamed Al Hadidy (Executive Director of Redcon Construction and Ryada Holding Investment Group), Al Sulaimini Muteeb Al Mansoor (Executive Consultant of Ryada Holding Investment Group/Redcon Construction) and personal assistant, business partners, and other advisors.

Meanwhile, President Widodo was accompanied by the Chief of Staff of the President, General TNI (Ret.) Muldoko, Minister of Foreign Affairs Retno Marsudi, Minister of the State-owned Enterprises Erick Thohir, Head of the IKN Authority Bambang Susantono, a member of the Presidential Advisory Council Gandi Sulistiyanto Suherman and Indonesian Ambassador to Brunei Achmad Ubaedillah.

Before visiting Brunei on January 13 and 14, 2024 for the wedding reception of Prince Abdul Mateen in Bandar Seri Begawan on January 14, 2024, the president made a state visit to the Philippines and Vietnam on January 9, 2024.

Reporting by Indonesia Window