Qatar Established $1b Indonesia Investment Fund

Jakarta Globe, Janeman Latul, May 11, 2010

Qatar Holding, the investment arm of Qatar’s sovereign wealth fund, has set up a $1 billion Indonesian fund to invest in infrastructure and natural resources in Southeast Asia’s biggest economy, officials said on Monday.

Gita Wirjawan, head of Indonesia’s investment coordinating board, said that the local investment vehicle, PT Qatar Holding Indonesia, was set up few days ago.

“The main focus area will be on mineral resources and infrastructure projects,” Wirjawan added.

Hilmi Gasim, an assistant to Alwi Shihab, the President Susilo Bambang Yudhoyono’s special envoy for the Middle East, said that originally Qatar and Indonesia had planned to set up a jointly owned fund with Qatar holding an 85 percent stake, but that Qatar eventually opted for a wholly owned fund.

Qatar Holding, which just last week bought the famous London department store Harrods, is estimated to control about $70 billion in assets and has interests in many leading companies in Europe and Unites States.

Reuters