Indonesia to get $3b from Middle East

Jakarta: Middle East investors plan to spend about $3 billion on projects in Indonesia, Bisnis Indonesia newspaper reported, citing President Susilo Bambang Yudhoyono.

Emaar Properties PJSC, Pacific Inter-Link Sdn Bhd, Al Ghurair Group, Ras Al Khaimah and Limitless LLC are among the investors planning to enter Indonesia, Bisnis said.

The planned projects include a tourist resort, an oil palm plantation, an oil refinery, a port, a railway and properties, according to the newspaper.

The fast-growing South Asian country is trying to attract foreign investments. At the same time Gulf countries flush with record oil revenues are increasingly looking abroad to invest.