These Muslim nations sign Rs 2303909562600 deals across…, major challenge for India, China, Russia?

Saudi Arabia and Indonesia signed several deals and memorandums of understanding of $27 billion between private sector institutions in sectors like clean energy and petrochemicals as reported by Saudi state news agency SPA. Indonesian President Prabowo Subianto was on a visit to a Gulf kingdom on Wednesday and met Saudi Crown Prince Mohammed bin Salman.

Indonesia And Saudi Arabia Deals

The two countries will cooperate in the supply of crude oil and its derivatives and improve supply chains and their sustainability in the energy field as reported by the Saudi state news agency. Trade between the two countries is around $31.5 billion in the last five years, according to SPA.

Saudi Arabia’s ACWA Power signed initial agreements to explore investment opportunities into renewable energy projects with sovereign wealth fund Danantara Indonesia and state energy firm Pertamina, as per a statement from Danantara.

Energy, Investment Cooperation

Indonesia will collaborate with Saudi Arabia in global oil markets in oil and petrochemicals, energy transition, carbon capture technologies, and hydrogen development. 

They also want to streamline investment regulations, encourage cross-border capital flows, and develop strategic industries together like mining, logistics, financial services, and green technology. Both countries also want to to facilitate executive-level engagement through institutional platforms and establish a joint roadmap to boost private sector collaboration.

Both sides also committed to develop stronger defense and security cooperation, particularly in counterterrorism, cybersecurity, information exchange, and capacity building. 

Such a big collaborations of two Muslim nations, Saudi Arabia and Indonesia across various sectors can create a big challenge for largest economies in the the world like India, Russia, China

(With Input From Agencies)

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