Jakarta. Brunei investment consortium Ryada Holding Investment Group has signed a Letter of Intent (LoI) to build two housing projects worth $300 million-$450 million (Rp 4 trillion-Rp 7 trillion) in Indonesia's New Capital Nusantara (IKN).

The LoI was conveyed by Princess Hajjah Amal Rakiah, the younger sister of Sultan Hassanal Bolkiah while leading a delegation of investors in a meeting with President Joko "Jokowi" Widodo at Assaara Guest House in Bandar Seri Begawan on Saturday.

The Indonesian Ambassador to Brunei, Achmad Ubaedillah, said that the letter was handed over by Princess Amal Rakiah to the Head of the IKN Authority (OIKN), Bambang Susantono, and was witnessed by President Jokowi after attending the wedding of Prince Abdul Mateen and Anisha Rosnah Isa-Kalebic.

Rusmin Lawin, an expert advisor at the OIKN, said that Jokowi's leadership has successfully attracted investments and positioned Nusantara as the center of global attention.

"Nusantara will become an economic superhub in the Brunei Darussalam, Indonesia, Malaysia, and the Philippines East ASEAN Growth Area (BIMP-EAGA) region," Rusmin told the Jakarta Globe on Monday.

In April 2023, Three ASEAN member countries in Kalimantan (Borneo) Island, namely Indonesia, Malaysia, and Brunei Darussalam, agreed to form the Borneo Economic Community (BEC).  "We also want the Borneo region to have free trade agreements and free flow of people like in the European Union," he said.

Rusmin hopes that fellow ASEAN nations will emulate the investment initiatives taken by Brunei, Singapore, and Malaysia in the IKN.

During the meeting with Princess Amal Rakiah, President Jokowi expressed appreciation and gratitude for the investment commitment of the Consortium. He welcomed the investors to directly observe the progress of the IKN development.

In attendance at the meeting were Princess Hajjah Amal Rakiah, accompanied by Executive Director of Redcon Construction and Ryada Holding Investment Group, Mohamed Al Hadidy, Executive Consultant Al Sulaimini Muteeb Al Mansoor, and other personal assistants and business partners.

Meanwhile, President Jokowi was accompanied by Presidential Chief of Staff Moeldoko, Foreign Minister Retno Marsudi, State-Owned Enterprises Minister Erick Thohir, IKN Head Bambang Susantono, Presidential Advisory Council (Wantimpres) member Gandi Sulistiyanto Suherman, and Ambassador Ubaedillah.