Indonesia's sovereign wealth fund Danantara has submitted a $1 billion bid for a substantial land parcel located near the Masjid al-Haram in Makkah, marking what would be the fund's inaugural overseas investment.
Investment Minister Rosan Roeslani, who also chairs Danantara, revealed that negotiations are currently underway with the Royal Commission for Makkah City regarding several land plots ranging from 25 to 85 hectares, with some situated just 1 kilometer from Masjid al-Haram.
The acquisition aims to develop a comprehensive service hub featuring hotels and facilities specifically designed to accommodate Hajj pilgrims from Indonesia, Southeast Asia's most populous Muslim nation.
This initiative has gained significant momentum following Saudi Arabia's landmark legal reforms that will, for the first time in history, permit foreign institutions to legally own property in the holy city of Makkah.
President Prabowo Subianto disclosed that Indonesia faces competition from 90 other bidders for the sought-after land, though Indonesia was the first country to secure access to this unprecedented opportunity through recent regulatory changes.
