TEMPO.CO, Jakarta - Indonesian President Joko "Jokowi" Widodo said that Emaar Properties, a company from the United Arab Emirates (UAE), has committed to investing in Indonesia’s new capital city, Nusantara or IKN.

“I don't want to mention it because I haven't signed it yet, but it (the investment) is really big,” he said in a speech during the groundbreaking ceremony of the Astra Biz Center and the Nusantara Botanical Garden, in IKN, East Kalimantan, on Tuesday, June 4. “God willing, the signing will take place in July in Abu Dhabi or Dubai.”

According to him, Emaar Properties is interested in investing after conducting a series of working visits to the archipelago, starting from visits to Nusa Dua, Labuan Bajo, Mandalika, to Nusantara.

Reuters on May 11, 2023, reported that Dubai's largest listed real estate company logged a better-than-expected 43% jump in first-quarter net profit on higher group property sales.

Net profit in the three months to March 31 amounted to 3.2 billion dirhams, or US$871.53 million, that was more than double analyst expectations of 1.65 billion dirhams, according to Refinitiv data shows.

Group property sales rose 11% to 9.2 billion dirhams, “supported by an increase in tenant sales and a resurgence in tourism activity”, the company said.

The majority of shares in this giant developer are the Sultan of Dubai Mohammed bin Rashid Al Maktoum and the UAE's sovereign wealth fund Investment Corporation of Dubai.

The company is listed on the Dubai Financial Market, and has a valuation of US$16.8 billion, or Rp273 trillion, in August 2023.

Emaar Properties Dubai is one of the largest real estate developers in the UAE and is known for various large-scale projects, such as the Burj Khalifa, the tallest building in the world.

RIRI RAHAYU | REUTERS

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