Indonesia and the United Arab Emirates (UAE) on Monday (Dec 16) announced the signing of the cooperation and business agreements in the fields of energy, agriculture, and sovereign wealth fund (SWF) had been realized. The agreement was signed by Coordinating Minister for Maritime and Investment Affairs Luhut Binsar Pandjaitan and the UAE Crown Prince Mohammed bin Zayed bin Sultan Al Nahyan in Abu Dhabi.

The two countries had explored plans to establish SWF of up to US$10 billion since September to finance infrastructure projects in Southeast Asia’s biggest economy. Week ago, Pandjaiatan told reporters that $137 billion worth of investment is in the pipeline for infrastructure projects across Indonesia.

Most of the investment (46%) is slated for oil and petrochemical refinery projects, while mineral processing facilities account for the second-largest share (34%), according to the minister. The remaining planned investment is bound for transportation, tourism, and other sectors.