Indonesia invites UAE to build financial center in the former’s new capital

The UAE President, Mohamed bin Zayed Al Nahyan (MBZ), and Indonesia’s President, Joko Widodo, on Tuesday-Wednesday (July 16-17) in Abu Dhabi discussed two main issues to increase bilateral cooperation.

 

Jakarta (Indonesia Window) – Indonesia’s President, Joko Widodo, and the UAE President, Mohamed bin Zayed Al Nahyan (MBZ), on Tuesday-Wednesday (July 16-17) in Abu Dhabi discussed two main issues which are the focus in increasing bilateral cooperation among other matters, the Indonesian Cabinet Secretariat said in a written statement quoted by Indonesia Window, here on Sunday.

“In the UAE, we only discussed two important things, even though there are many others,” President Widodo said in his statement before journalists in Indonesia’s Bandung district, West Java province on Friday, July 19.

First is regarding a plan to build a financial center in the new Indonesian capital (locally known by its initials as as IKN), the president said while mentioning that the government wanted to study the system at the Dubai International Financial Center (DIFC).

“We want to learn the system there, the recruitment, they way to bring money to the financial center in Dubai, DIFC,” he explained.

Regarding this matter, President Widodo pointed out that a memorandum of understanding (MoU) has been signed between the Authority of IKN and DIFC. “This means that we hope that a financial center at IKN will be formed soon and can start running soon,” he added.

The second issue is emphasized on cooperation in the nickel sector, which covers the entire value chain from upstream to downstream—from mining, cathode and precursor production, electric vehicle battery manufacturing, to electric vehicles. In addition to the UAE, Indonesia is currently approaching two other countries to collaborate.

“If this is successful, we hope to control 80-85 percent of the world market,” he said.

This collaboration emphasizes the importance of international collaboration in strengthening Indonesia’s position in the global market, especially in rapidly developing industries such as electric vehicles and battery technology.

Reporting by Indonesia Window