Jakarta (Indonesia Window) – The Indonesia Investment Authority (INA) has signed an investment cooperation agreement worth 10 billion U.S. dollars with the Abu Dhabi Growth Fund (ADG).

The cooperation aims to support investment from the United Arab Emirates (UAE) through Indonesia's sovereign wealth funds (INA).

In an official statement received here on Saturday (Nov. 6), the agreement was signed by the ADG’s Chief Executive Officer Khalifa Sultan Al Suwaidi and Chairman of INA’s Board of Directors Ridha Wirakusumah in Dubai, the United Arab Emirates.

This partnership would be the basis for the ADG and the INA to work together through an agile approach in various forms of high-yield financial investments, both liquid and non-liquid equity strategies.

The signed agreement aims to place the capitals in various financial instruments.

The UAE becomes the biggest anchor investor in the INA following the announcement on the 10 billion dollars fund under the direction of UAE Crown Prince Mohammed bin Zayed Al Nahyan in March 2021.

The UAE and Indonesia have strong political, economic and cultural ties with diplomatic relations officially starting in 1976.

The diplomatic relations have been further strengthened in recent years as bilateral trade flows increased.

Throughout this year, a number of cooperation agreements have been made between the UAE and Indonesia in such strategic sectors as in the fields of infrastructures, tourism and agricultures.

In September, the two countries also jointly drafted the Indonesia-United Arab Emirates Comprehensive Economic Partnership Agreement (IUAE-CEPA).

The IUAE-CEPA is expected to improve trade relations, as well as expand economic and investment opportunities between the two countries.

Reporting by Indonesia Window