Saudi + Indonesia reinforce bilateral trade: Saudi and Indonesian companies signed agreements and MoUs valued at some USD 27 bn for investments in clean energy, petrochemicals, and aviation fuel, state news agency SPA reports. The agreements were signed during the first meeting of the Saudi-Indonesian Supreme Coordination Council, coinciding with the visit of President Prabowo Subianto to Riyadh.

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What we know: Renewables giant Acwa Power signed two separate MoUs with a combined value of USD 10 bn to develop Indonesia’s clean energy industry, it said in a press release.

The details: The first agreement was signed with Badan Pengelola Investasi Daya AnagataNusantara (Danantara Indonesia) to explore potential investments in renewable energy generation, combined cycle gas turbines, green hydrogen and water desalination.

The second agreement was signed with PT Pertamina to develop clean energy projects, including 500MW of renewable energy, gas-to-power and green hydrogen projects, a new electrical tender, and operation and maintenance (O&M) business lines.

The council sets the agenda: The two countries agreed to coordinate actions leading to the stabilization of global energy markets, investment in the health sector, and collaborations in several areas and activities, including the digital economy, manufacturing sector, and mining industry as well as food security, among others. Details on the rest of the agreements are not yet disclosed.

Looking ahead: Riyadh and Jakarta agreed to hold a second meeting in the near future, to continue developing a joint roadmap through the holding of regular investment forums.

DATA POINT- Saudi-Indonesian bilateral trade amounted to USD 31.5 bn in the last five years, making the Kingdom Indonesia’s top trading partner, SPA reported.

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