Jakarta. A Qatari investor has committed to investing at least $16 billion in the construction of 1 million residential units in Indonesia, Hashim Djojohadikusumo, head of the National Housing Task Force and younger brother of President Prabowo Subianto, announced on Monday.

Hashim said Sheikh Abdul Aziz Al Thani plans to allocate between $16,000 and $20,000 for each residential unit.

“If we multiply that by 1 million, the total investment would amount to between $16 billion and $20 billion,” Hashim said during a press briefing at the Housing Ministry office in Jakarta.

The investment pledge follows a recent meeting between the Qatari investor and President Prabowo Subianto at the State Palace, during which a memorandum of understanding was signed to support the ambitious project.

Hashim suggested that the project will focus on constructing apartments in urban areas rather than traditional landed houses, to better meet the needs of city dwellers.

State-Owned Enterprise Minister Erick Thohir added that the government will utilize underutilized land managed by state-owned companies to support the project.

“We may use urban land owned by state companies, such as Kereta Api Indonesia (KAI), PTPP, and Perumnas, that is not essential to their business operations,” Erick said.