Ayedh Dejem to build $240m project in Indonesia’s new capital

Developer Ayedh Dejem Group has signed a deal with Indonesia’s Nusantara Capital Authority (NCA) to develop a mixed-use project in the Southeast Asian country’s new capital for 4 trillion rupiah ($238 million).

The Dubai-based developer will build an office complex, a commercial area, a shopping mall, and worship facilities on 9.7 hectares of land in Nusantara, the NCA said in the statement.

Construction is set to start in mid-2027 and will be completed within five years, said NCA deputy for funding and investment Sudiro Roi Santoso. 

Nusantara aims to replace Jakarta as the new capital city by 2028, reducing the population and economic burden on Jakarta. Construction on the new city began in July 2022. It is intended for 75 percent of the area to be forested, and for it to use renewable energy and promote a “10-minute” city concept.

In February 2025, Airlangga Hartarto, Indonesia’s coordinating minister for economic affairs, said the countries had agreed to work towards increasing bilateral trade to $10 billion per year, following a meeting with Abdulla bin Touq Al Marri, the UAE’s economy minister.

The countries signed a comprehensive economic partnership agreement in July 2022, which came into effect on September 1, 2023.

The Cepa provides better market access for UAE products to Indonesia, with 90 percent of products or categories of goods benefiting from reduced or eliminated customs duties.

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Eagle Hills, the Emirati developer, signed a tentative agreement in July 2024 to develop $3 billion worth of tourism assets in Indonesia. 

In April 2025, Masdar and PT PLN (Persero), Indonesia’s state-owned electricity company, signed two agreements to advance the development of floating solar power projects at the Jatigede Dam reservoir in West Java.

Indonesia, the world’s largest archipelago with more than 17,000 islands and 600 natural lakes and reservoirs, offers ideal conditions for the growth of floating solar power.