Saudi Arabia and Indonesia have signed several agreements and memorandums of understanding valued at approximately $27 billion. These deals, reported by the Saudi state news agency SPA, involve private sector institutions and focus on areas such as clean energy and petrochemicals.

The agreements were finalized during the visit of Indonesian President Prabowo Subianto to Saudi Arabia, where he met with Saudi Crown Prince Mohammed bin Salman. The two nations also committed to enhancing cooperation in the supply of crude oil and its derivatives, improving supply chains within the energy sector, and collaborating on mineral resources.

According to the Saudi Press Agency, trade between Saudi Arabia and Indonesia reached about $31.5 billion over the past five years. Furthermore, Saudi Arabia’s ACWA Power has signed initial agreements with Danantara Indonesia, a sovereign wealth fund, and Pertamina, the state energy firm, to explore investment opportunities in renewable energy projects. These companies anticipate potential investments amounting to up to $10 billion for project funding.