Saudi Arabia and Indonesia have signed deals and preliminary agreements worth $27 billion (Dh99.1 billion) as Asia’s fifth-largest economy looks to the deepen trade and investment ties with the kingdom.
The agreements signed by private sector companies during the state visit of Indonesian President Prabowo Subianto span sectors including clean energy, petrochemicals and aviation fuel services and aim to advance economic partnership between the two nations, said a joint Saudi-Indonesian statement on Wednesday issued by the Saudi Press Agency.
The two sides also agreed to enhance investment co-operation and build partnerships in priority sectors including energy, financial services, mining and industry, logistic services, tourism, agriculture and green technologies.
The investment co-operation is in line with Saudi Arabia’s Vision 2030 economic transformation agenda and Golden Indonesia 2045, the programme that outlines Indonesia’s national development priorities, SPA said.
Role of investment
Joint investments are vital in “supporting economic integration and creating exceptional opportunities for the private sectors in both countries”, according to the statement.
Both sides also agreed to develop an “enabling investment environment and adopt effective mechanisms that align development and investment policies”, it added.
Trade ties
Indonesia, one of the fastest growing emerging markets in Asia, is keen to expand its trade and investment ties with partners in the six-member GCC economic bloc.
The Asian nation has signed a Comprehensive Economic Partnership Agreement with the UAE, the second-largest Arab economy. The pact with the UAE went into force in August 2023 and has substantially boosted bilateral trade and investments.
The trade agreement allowed the removal or reduction of tariffs on a range of goods and eliminated unnecessary trade barriers, the UAE Ministry of Economy said at the time.
The UAE-Indonesia Cepa, signed in Abu Dhabi in July 2022, is projected to boost the value of bilateral non-oil trade from its $4.08 billion to more than $10 billion in five years of implementation.
The Cepa also seeks to raise the combined value of trade in services between the two nations to $630 million by 2030 as more than 80 per cent of UAE exports to Indonesia under the agreement are exempt from customs duties.
In April, Mr Subianto met President Sheikh Mohamed at Qasr Al Shati in Abu Dhabi and discussed opportunities to enhance bilateral co-operation, particularly related to the economy, investment, renewable energy, sustainability and infrastructure, state news agency Wam reported.
The two sides also signed trade and investment agreements to further build on Cepa deals.
Saudi Arabia and Indonesia have historic economic ties and bilateral trade has risen to more than $31 billion during the past five years. Saudi Arabia is a leading GCC trade partner of Indonesia, SPA said.
During the state visit, Saudi Arabia and Indonesian officials also welcomed the positive outcomes of negotiations towards an Indonesia-GCC free trade agreement. The two sides held discussions in September last year and February this year, raising hopes of an agreement “in the near future”.
Areas of co-operation
In terms of energy security and supplies, Saudi Arabia and Indonesia agreed to boost co-operation on the supply of crude oil and its derivatives, petrochemicals. They also agreed to work together to explore investment opportunities in refining and petrochemicals, as well as innovative uses of hydrocarbons and the development of environmentally friendly downstream applications and technologies.
They also agreed to increase co-operation between energy companies to explore resources in both countries to increase the flexibility and efficiency of supplies.
Officials pledged to boost investment co-operation in “electricity, renewable energy, energy storage and developing its projects”, SPA said.
Mining is the other sector, where Riyadh is keen to build partnerships with Jakarta and co-operation and investment opportunities.
Mining is the one of the central planks of the kingdom's Vision 2030 programme, the over arching blueprint of the kingdom's efforts to diversify its economy away from hydrocarbon revenue.
In January this year, Saudi Vice Minister of Mining Affairs Khalid Al Mudaifer said the kingdom is pushing ahead with the development of a new mineral project with an estimated investment value of $100 billion, with about $20 billion of that already being invested during initial stages.
Last year, Saudi Arabia raised the value of its still unexplored potential mineral resources to $2.5 trillion, from the previous $1.3 trillion after the it discovered rare earth elements and metals.
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman Al Saud in January said they investment in critical minerals mining and processing must take place “as fast and furious as possible”.
The kingdom has opened up several sectors of its economy including mining for foreign direct investment.
Other areas of co-operation discussed during the Indonesian president's state visit include the digital economy and innovation, judiciary and justice, labour and human resources, culture, tourism, sports, education and scientific research, industry and mining, agriculture, fisheries, and food security. Boosting boosting aviation connectivity between the two countries was also covered in the meetings.
UAE currency: the story behind the money in your pockets
MATCH INFO
Barcelona 4 (Messi 23' pen, 45 1', 48', Busquets 85')
Celta Vigo 1 (Olaza 42')
The Indoor Cricket World Cup
When: September 16-23
Where: Insportz, Dubai
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
The Sky Is Pink
Director: Shonali Bose
Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf
Three stars
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COMPANY%20PROFILE
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match info
Southampton 2 (Ings 32' & pen 89') Tottenham Hotspur 5 (Son 45', 47', 64', & 73', Kane 82')
Man of the match Son Heung-min (Tottenham)
'The Ice Road'
Director: Jonathan Hensleigh
Stars: Liam Neeson, Amber Midthunder, Laurence Fishburne
2/5
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3ESingle%20front-axle%20electric%20motor%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E218hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E330Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%3Cbr%3E%3Cstrong%3EMax%20touring%20range%3A%20%3C%2Fstrong%3E402km%20(claimed)%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh215%2C000%20(estimate)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ESeptember%3C%2Fp%3E%0A
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
ENGLAND SQUAD
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood
Dengue%20fever%20symptoms
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Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30: UAE v Nepal; Hong Kong v Singapore; Malaysia v Oman
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
UAE currency: the story behind the money in your pockets
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
BIO
Favourite holiday destination: Turkey - because the government look after animals so well there.
Favourite film: I love scary movies. I have so many favourites but The Ring stands out.
Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.
Favourite colour: Black.
Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.
Killing of Qassem Suleimani
THE SPECS
Engine: 2.0-litre four-cylinder turbo
Transmission: eight-speed automatic
Power: 258hp at 5,000-6,500rpm
Torque: 400Nm from 1,550-4,400rpm
Fuel economy, combined: 6.4L/100km
Price, base: from D215,000 (Dh230,000 as tested)
On sale: now
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