Envoy expects $5B in Middle East investment

Indonesia’s special envoy to the Middle East, Alwi Shihab, says he expects up to $5 billion in investment from the region this year, The Jakarta Post reported on Saturday (5/1/08).

He said agreement on a $1 billion investment fund with the Qatar Investment Authority late last year should unlock other commitments.

He added that in 2007 countries from the region had already invested some $2.55 billion through joint venture companies operating in infrastructure, chemical products and tourism.

Committed investments include a $600 million hotel and resort for Lombok in West Nusa Tenggara from Algeria’s Emmar.

Shihab said Indonesia needed a more flexible taxation system and regulations on shariah-based financial services to further support efforts to attract more Middle East investors.
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