President Prabowo Subianto has expressed interest for Indonesia to learn from the United Arab Emirates (UAE) to expand the capacity of Indonesia’s Sovereign Wealth Fund (SWF), the Indonesia Investment Authority (INA).
The UAE is recognized as a global leader in sovereign wealth management, with assets under management totaling US$2.26 trillion (Rp35,877 trillion).
Speaking in a video shared on the Presidential Secretariat’s YouTube channel on Sunday, November 24, 2024, Prabowo acknowledged the UAE’s earlier support in establishing INA and emphasized the importance of learning from their expertise.
“We were supported in establishing our sovereign wealth fund, now known as INA. We want to expand it further, make it significantly larger, and learn from the experience of the UAE,” Prabowo said.
In 2021, the UAE significantly contributed to INA’s operations, injecting US$10 billion into the project, making it the largest contributing nation.
Other key contributors include the United States, Canada, the Netherlands, and Japan. Prabowo praised the leadership of the UAE, describing them as visionary figures who have achieved rapid modernization in their country.
“In Indonesia, we see His Highness as a very successful leader, a visionary who has proven capable of delivering rapid progress and modernization to the Emirates. We want to learn from His Highness,” Prabowo added.
As part of the efforts to strengthen Indonesia’s investment ecosystem, Prabowo announced the establishment of the Daya Anagata Nusantara Investment Management Agency (Danantara).
This new entity will oversee seven major state-owned enterprises and integrate INA into its structure, consolidating resources to maximize efficiency and scale.
Through this collaboration and restructuring, Indonesia aims to build a more robust sovereign wealth fund capable of financing strategic projects and attracting substantial foreign investments.
