UAE – Mubasher: UAE's Eagle Hills Properties has signed a memorandum of understanding (MoU) with the Ministry of State-Owned Enterprises (SOEs) of the Republic of Indonesia to invest $3 billion to boost the Southeast Asian nation's tourism infrastructure.

The MoU aims to reshape Indonesia's tourism landscape over the coming years, according to a press release.

The agreement allows flexibility on the timeline for deploying the funds.

The deal is part of a broader drive by SOEs to bolster productivity through global partnerships in vaccines, healthcare, clean energy, and other sectors.

Erick Thohir, Minister of State-Owned Enterprises of Indonesia, said: “By joining forces with Eagle Hills Properties, we are setting the stage for unprecedented growth and development in our hospitality industry.”

“We are confident that this collaboration will not only boost our infrastructure but also create significant employment opportunities and drive sustainable economic growth across our beautiful archipelago,” Thohir added.

Mohammed Alabbar, Founder of Eagle Hills, stated: "Indonesia has significant potential due to its resources and tourism destinations. [We believe] Indonesia can be competitive and increase its proportion of the tourism sector’s contribution to the GDP [gross domestic product] – Eagle Hills would like to support this endeavour."

Earlier in July, Eagle Hills penned an agreement with Marriott International to open the first Ritz-Carlton Reserve in the UAE on Ramhan Island in Abu Dhabi.