Saudi company to increase investment in Indonesia

Saudi Arabia's Kingdom Holding Company will increase its investment in Indonesia's tourism and hotel sector, the chairman of the company said on Friday.

Chairman Prince Awalid bin Talal bin Abdulazizal Saud, the world's 13-richest man, made the remarks at the press conference after meeting Indonesian President Susilo Bambang Yudhoyono at the presidential office.

However, the chairman declined to disclose how much more the company is going to invest in Indonesia.

The Kingdom Holding Company owns total assets of 20.3 billion U. S. dollars, according to the Forbes Magazine.

"We are committed to strengthen our position in Indonesia. We have been looking for certain opportunities in the hotel industry that we hope to materialize in coming months," he said.

The Kingdom Holding Company has already invested in two luxurious hotels and the banking sector in the Indonesian capital of Jakarta, said Awalid.

"We already have presence in Mandarin Hotel and Four Seasons Hotel and the City Group, banking Industry," he said.

On certainty of investing in Indonesia, Awalid praised the country's newly-passed investment law by the Indonesian parliament.

"The investment law passed by the Indonesian parliament recently will help and enhance the development in Indonesia and encourage people to come to Indonesia," he said.

Corruption and poor law enforcement have triggered foreign investors to leave Indonesia in recent years.

On Thursday, the Indonesian parliament passed the long-awaited investment law which gives various incentives to both foreign and local investors.

Source: Xinhua