Amid SoftBanks Withdrawal, Indonesia Seek Funds From Crowdfunding, Saudi Arabia & UAE

Image Credit: Unsplash, Wikimedia/Joko Widodo (Representational)

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Amid SoftBank's Withdrawal, Indonesia Seek Funds From Crowdfunding, Saudi Arabia & UAE

As per reports, Luhut, who is the right hand of the country's President Joko Widodo, is putting in efforts to seek funds from Saudi Arabia and the UAE.

The SoftBank Group decided to withdraw its USD 34 billion projects in Indonesia last month. As a result of this massive withdrawal, the Indonesian government have now turned to the United Arab Emirates (UAE), Saudi Arabia, crowdfunding for the capital city in Borneo, as per reports in South China Morning Post.

SoftBank's Withdrawal

SoftBank's decision to pull out was officially confirmed by Luhut Pandjaitan, the Coordinating Minister of Maritime and Investment Affairs. According to the SCMP reports, Pandjaitan also cited a "decline in the share price" and Saudi Arabia's withdrawal of money from the company's venture capital arm Vision Fund 2.

But on the nations, the company's board director Ken Miyauchi stated in an official release: "Return of investment, whether from timing or the amount of ROI itself, is the main reason we were backing out from the project."

Indonesia Seek Crowdfunding For Capital

Furthermore, the report also talked about Luhut, widely considered the right hand of the nation's President Joko Widodo, trying his utmost to acquire funds from the United Arab Emirates (UAE) and Saudi Arabia.

"When I visited Saudi Arabia, Crown Prince Mohammad bin Salman asked to get into (the capital development project)," Luhut had said. He also added that there are still discussing how big (Saudi Arabia's) acquisitions would be as the country continues to have virtual meetings with Salman's team.

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