Indonesia Signs $3 Billion Tourism Development Deal: A Monumental Milestone

Indonesia’s Ministry of State-Owned Enterprises (SOEs) has signed a pivotal Memorandum of Understanding (MoU) with UAE-based Eagle Hills to enhance the nation’s tourism and infrastructure. The agreement, inked on July 18, 2024, by SOEs Minister Erick Thohir and Eagle Hills’ Chairman Mohammed Alabbar, outlines a $3 billion investment to develop tourism destinations, property, and airport infrastructure, with a particular focus on Soekarno-Hatta International Airport in Jakarta.

This partnership aims to elevate Bali beach resorts, such as the Anantara Uluwatu Bali Resort, to international standards, while also creating jobs and driving sustainable economic growth. The MoU, effective for one year with potential extensions, aligns with Indonesia’s strategy to diversify its economy and position itself as a global tourism hub. This collaboration is a key part of the Ministry’s broader initiative to maximise the economic impact of Indonesian SOE assets.