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☆ Indonesian tycoons are trying to build a new city, complete with a port, a theme park, and an F1 racetrack
▼ + stars: | 2024-12-02 | by ( Katherine Tangalakis-Lippert | Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

The city, PIK 2, is worth about $16 billion and is intended to drive tourism to the area. Bloomberg reported the developers are in touch with partners in China and Singapore to build a port at PIK 2. Indonesian business tycoons are moving ahead with an ambitious real estate project: building a new city in North Jakarta to boost tourism. The publicly traded parent company behind the project — PT Pantai Indah Kapuk Dua — has a $16 billion market capitalization. AdvertisementRepresentatives for Kusuma at PT Pantai Indah Kapuk Dua and Agung Sedayu Group did not respond to requests for comment from Business Insider.

Persons: Agung, Sugianto Kusuma —, Salim, Anthoni Salim, Agung Sedayu, Kusuma, It's, Joko Widodo Organizations: Bloomberg, Salim Group, PT, Hatta, Forbes, Nusantara, Kusuma, Agung Sedayu, Business Locations: North Jakarta, The, China, Singapore, Agung Sedayu, Kapuk, Soekarno, Indonesia, Jakarta, East Kalimantan, Borneo, Kapuk Dua, Agung

[1/5] Muslims perform a mass prayer at a mosque during Eid al-Fitr, marking the end of the holy fasting month of Ramadan, in Kuala Lumpur, Malaysia, April 22, 2023. REUTERS/Hasnoor HussainJAKARTA, April 22 (Reuters) - Muslims in Indonesia and Malaysia gathered in large groups to usher in the Eid al-Fitr festival on Saturday, relieved to be able to celebrate freely after the lifting of most COVID-19 restrictions. "I'm very happy that we're free (of COVID curbs) now," said Laila, 35, who goes by one name like many Indonesians. In neighbouring Muslim-majority Malaysia, devotees also celebrated with families. Authorities in both countries have, however, urged the public to remain cautious amid reports of rising COVID cases.

☆ Indonesian officials call for audit after Pertamina fire kills 13
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +2 min

[1/3] Firefighters try to extinguish a fire at a fuel storage station operated by Indonesia's state energy company Pertamina, in Jakarta, Indonesia, March 3, 2023. REUTERS/Willy KurniawanCompanies Pertamina (Persero) PT FollowJAKARTA, March 4 (Reuters) - Indonesian officials called for an investigation and an audit of state energy company Pertamina's (PERTM.UL) facilities after a fire at its storage facility killed 13. "I have ordered Pertamina to immediately investigate this case thoroughly," State-Owned Enterprise Minister Erick Thohir said via his Instagram page. Sugeng Suparwoto, who heads parliament's energy committee, called for an audit of Pertamina's facilities. Sugeng also said there should be a bigger distance between Pertamina's storage facilities and residential areas.

☆ Fire at Indonesia's Pertamina fuel storage station kills 17
▼ + stars: | 2023-03-03 | by ( Yuddy Cahya Budiman | ) www.reuters.com time to read: +3 min

[1/5] Firefighters try to extinguish a fire at a fuel storage station operated by Indonesia's state energy company Pertamina, in Jakarta, Indonesia, March 3, 2023. REUTERS/Willy KurniawanCompanies Pertamina (Persero) PT FollowJAKARTA, March 3 (Reuters) - At least 17 people were killed when a fire broke out on Friday at a fuel storage station operated by Indonesia's state energy company Pertamina (PERTM.UL) in the capital Jakarta, an official at the city's main firefighting unit said. A Pertamina spokesperson said late on Friday that the fire had been extinguished at about 10.30 p.m.Fire was still seen around residents' houses after that, a firefighting station official said on the unit's Instagram account. Near the storage station, residents crowded the area while firefighters carried orange body bags from the fire. The fuel station has a capacity of over 300,000 kilo-litres, according to the country's energy ministry.

The likely purchase of the new asset and the $3 billion valuation of the toll road business has not been reported previously. Representatives from Road King did not respond to requests for comment. CVC and Road King's attempts to monetise the toll road business comes at a time of growing global investor interest for infrastructure assets, driven by sovereign, pension and private equity funds chasing long-term returns. Road King, a Chinese property developer, has operated expressways in the country since nearly three decades. It diversified into the Indonesian toll road business in 2019 and its expressways in China and Indonesia span over 600 kilometres in total, according to the company's website.

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