The US$3 billion (Rp48 trillion) agreement aims to drive comprehensive investment in Indonesia’s tourism ecosystem and infrastructure.

Erick Thohir outlined that the extensive investment will concentrate on the development of hotel properties, airport areas, and tourism destination ecosystems.

Eagle Hills has been committed to facilitating knowledge transfer through joint studies, workshops, and training programs.

Additionally, the company will assist in enhancing airport infrastructure and renovating state-owned hotels to meet international standards, thereby promoting the growth of new tourism destinations in Indonesia.

Erick expressed optimism that this collaboration would significantly accelerate the advancement of Indonesia's tourism sector.

The MoU is valid for one year, with the possibility of extension through mutual agreement. There is no fixed timeframe for the US$3 billion investment, allowing for flexibility in its execution.

This MoU is part of a broader initiative by the Ministry of SOEs to strengthen cooperation between Indonesian SOEs and global companies, aiming to boost productivity and impact.

Erick noted that SOEs across various sectors have established important partnerships with global partners, including Merck from the US for vaccines, Swire Hong Kong in the healthcare sector, and renewable energy company Masdar from the UAE.

Moreover, collaborations have been established to support the development of Indonesia’s electric vehicle (EV) ecosystem, such as with Canadian mining giant Vale-Based-Metal for nickel.

Eagle Hills Chairman and Emaar Founder Mohamed Ali Rashed Alabbar emphasized Indonesia's vast potential due to its natural resources and attractive tourist destinations.

He believes that this partnership marks a crucial milestone in Indonesia's efforts to attract foreign investment and expertise, thereby strengthening its tourism industry and potentially enhancing the country’s tourism ecosystem in the coming years.

"We believe Indonesia can become competitive and increase the tourism sector's contribution to GDP. Eagle Hills aims to support this effort," Alabbar said.