Indonesia, UAE sign $23bn worth of business deals

Indonesia’s President Joko Widodo talks to Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed during a meeting at the presidential palace in Bogor, Indonesia, July 24, 2019. (Reuters)
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Updated 13 January 2020

Indonesia, UAE sign $23bn worth of business deals

  • President Joko Widodo witnessed the signing of the deals with Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed during an official visit to Abu Dhabi
  • Widodo, who began his second term in office in October, is keen for an increase in foreign investment to help create jobs and boost growth

JAKARTA: Indonesia signed 11 business deals with the United Arab Emirates worth a combined 314.9 trillion rupiah ($23 billion) covering investment in energy and other sectors, President Joko Widodo said on Monday.
Widodo witnessed the signing of the deals with Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed over the weekend during an official visit to Abu Dhabi, the Indonesian president said in a tweet.
Widodo, who began his second term in office in October, is keen for an increase in foreign investment to help create jobs and boost growth in Southeast Asia’s biggest economy, where economic growth has hovered at around 5% for several years.
In the petrochemical and gas sectors, Abu Dhabi National Oil Company (ADNOC) signed deals with Indonesian companies PT Pertamina and PT Chandra Asri Petrochemicals , UAE state news agency WAM reported.
It said they included an agreement for ADNOC to supply 528,000 tons of liquid petroleum gas (LPG) to Pertamina by the end of 2020.
Pertamina and ADNOC signed a memorandum of understanding to explore the potential development of a petrochemicals complex in Balongan, West Java, ADNOC said in a statement on Monday.
The agreements with the Indonesian firms “will potentially help ADNOC to secure in-market presence in one of Southeast Asia’s fastest-growing economies,” Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said in the statement.
Widodo said five agreements were also signed between the governments. They covered education, health, agriculture and counter-terrorism, according to Foreign Minister Retno Marsudi.
Widodo and the crown prince also discussed a plan to establish a sovereign wealth fund, said Indonesia’s Coordinating Minister for Maritime and Investment Affairs, Luhut Pandjaitan.
Japan’s Softbank and the US International Development Finance Corp. (IDFC) were also interested in taking part in the fund, a statement from Pandjaitan said.
The UAE would be able to use the fund to invest in the development of Indonesia’s proposed new capital in East Kalimantan province on Borneo island.
It is also interested in investing in a property development in Aceh province on the island of Sumatra, Pandjaitan said.


Saudi fund shells out to help US cellular seafood pioneer

Updated 27 February 2020

Saudi fund shells out to help US cellular seafood pioneer

  • KBW Ventures joins ‘visionary’ $20m backing for San Diego food innovator

JEDDAH: A California innovative food company that produces seafood directly from fish cells is stepping up expansion plans with backing from “visionary investors” including KBW Ventures, the Saudi investment fund founded by Prince Khaled bin Al-Waleed bin Talal.

BlueNalu, based in San Diego, on Wednesday announced the completion of its $20 million Series A round of funding.

The financing will allow the company to develop a pilot production facility in San Diego, expand its worldwide staff, implement strategic alliances for global operations and prepare for its market launch.

The Series A round is co-led by Stray Dog Capital, CPT Capital, New Crop Capital and Clear Current Capital, each of which took part in BlueNalu’s seed round. The company secured $4.5 million in 2018 and has attracted investors from 11 nations so far, demonstrating global interest in the firm’s potential.

New investors include KBW Ventures, which supports innovative companies, such as BlueNalu, that have potential for growth and can sustainably feed the world.

BlueNalu’s A round attracted a significant number of strategic investors offering expertise and infrastructure in supply chain, operations, sales, marketing and distribution.

Strategic investors include global supply chain leaders that will provide guidance and raw material expertise to BlueNalu. These include Nutreco, a global leader in animal nutrition and aquafeed, and Griffith Foods, a global product development partner to the food industry, with expertise in market insights, food science, culinary and sensory optimization.

Strategic investors also include organizations with expertise in operations, sales, and distribution, including Pulmuone, a leader in healthy lifestyle and sustainable food products with distribution in Asia and North America; Sumitomo Corporation of Americas, a global investor and supplier of goods and services, including foods; Rich Products Ventures, the corporate venture arm of Rich Products Corporation, a leading supplier of icings, cakes, pizza, desserts, appetizers and bakery products.

FASTFACTS

• BlueNalu announced the completion of its $20 million Series A round of funding.

• The financing will allow the company to develop a pilot production facility in San Diego, expand its worldwide staff, implement strategic alliances for global operations and prepare for its market launch.

• The company secured $4.5 million in 2018 and has attracted investors from 11 nations so far, demonstrating global interest in the firm’s potential.

“BlueNalu has made considerable progress toward bringing cell-based seafood products to the world,” said Lou Cooperhouse, the company’s president and CEO.

“We have designed and executed a platform technology in which we will ultimately offer a broad array of sustainable cell-based seafood products to consumers, and our team has been extremely focused on implementing systems and processes that will be needed for cost-effective, large-scale production.

“We are thankful to the committed group of visionaries who participated in our earlier financing round and have invested again in this round, and we are eager to form partnerships with these five strategic investors, so that we can launch our cell-based seafood products in nations around the world,” he added.

“BlueNalu has demonstrated global leadership in cell-based seafood, and has the team, expertise, strategy and networks that are key to its success,” said Chuck Laue, co-founder and chair of Stray Dog Capital.

“As global demand for seafood continues to increase, and our supply continues to be compromised, we are excited at the potential for BlueNalu to play a significant role in feeding the planet in the decades to come.”

“BlueNalu has achieved a number of milestones in a short period of time, and we are proud to have backed this company since its origins,” said Chris Kerr, chief investment officer of New Crop Capital.

“We have seen extremely rapid global growth in plant-based foods, and BlueNalu is clearly at the forefront of this next generation of alternative proteins that many are predicting will have considerable growth and significant market penetration in the coming years.

“BlueNalu will offer a sustainable solution to consumers, free of mercury and environmental contaminants that will support the health, sustainability and biodiversity of our ocean. This is clearly a win-win-win for human health, sea life and for our planet,” he said.