Jakarta. President Prabowo Subianto has appointed Muliaman Darmansyah Hadad as head of the newly established Danantara Investment Authority (BPI Danantara).

Modeled after Singapore’s Temasek, Danantara is designed as a “superholding” to manage and optimize Indonesia’s state assets. With an estimated $600 billion in assets (Rp 9,409 trillion), the fund aims to consolidate key government-controlled entities and foster long-term economic growth.

Danantara is scheduled to engage with seven state-owned enterprises (SOEs) this week. Initial discussions began Tuesday with CEOs from state lender Bank Rakyat Indonesia (IDX: BBRI) and telecommunications giant Telkom Indonesia (IDX: TLKM). Other SOEs involved include Bank Mandiri (IDX: BMRI), Bank Negara Indonesia (IDX: BBNI), state utility PLN, oil and gas company Pertamina, and mining holding company Mineral Industri Indonesia (MIND ID).

Muliaman Hadad, a seasoned banker and economist, has been entrusted to lead the agency as it begins operations in 2024.

Who is Muliaman Hadad?

Born on April 3, 1960, Muliaman Hadad holds a degree in economics from the University of Indonesia (UI), graduating in 1984 with a focus on development economics. He furthered his education at Harvard University, earning a Master of Public Administration in 1991, and completed his PhD in business and economics at Monash University, Australia, in 1996.

Muliaman began his professional career at Bank Indonesia (BI) as a staff member in the Mataram branch. He later served in key positions, including Head of the Financial System Stability Bureau in 2003 and Director of Banking Research and Regulation in 2005.

In academia, Muliaman has been a postgraduate lecturer in economics and business at UI since 2017. He also held leadership roles at Diponegoro University and Sebelas Maret University.

Key Roles and Achievements

Muliaman’s notable career milestones include:

• Serving as Chairman of the Board of Commissioners at Indonesia’s Financial Services Authority (OJK) from 2012 to 2017.
• Acting as Indonesia’s Ambassador to Switzerland and Liechtenstein from 2018 to 2023.
• Returning to the corporate world in 2023 as President Commissioner of Bank Syariah Indonesia and Independent Commissioner at Astra International.

Muliaman is also active in organizations such as the Indonesian Economists Association (ISEI), the Indonesian Risk Professional Association (IRPA), and the Indonesian Banking Development Institute (LPPI).

According to his 2017 public wealth report, Muliaman’s assets totaled Rp 39.14 billion, including Rp 23.75 billion in land and buildings and Rp 1.9 billion in vehicles.