Indonesia’s Danantara will double down on investments in the Middle East, especially in the holy city of Makkah, despite the ongoing war in the region, Pandu Sjahrir, chief investment officer of the sovereign wealth fund, says in an interview with Bloomberg, while acknowledging the conflict will have a long-lasting impact even if it ends soon.
Danantara “will continue to invest in the Middle East, especially in Makkah”, he says in the television interview, the text of which was published on April 17. “So we are doubling down that effort. Because I think in the long term, Makkah will always be Makkah, it will always be a very good investment.”
The wealth fund bought land and a hotel in Makkah last year in one of its first investments outside of Indonesia.
Pandu was candid about the effects of the war. “The impact, even if we finish the war this week or next week, you will still feel it for the next nine or 12 months,” he says.
Spokespersons for Danantara did not immediately respond to questions from Asia Asset Management.
