FAST FIVE: SoftBank Chairman To Help Oversee Construction Of New Indonesian Capital
SoftBank Chairman To Help Oversee Construction Of New Indonesian Capital Indonesia has assembled a star-studded team to oversee the construction of its new capital city on the island of Borneo – a move that's intended to alleviate some of the pressure on rapidly-sinking Jakarta.
Indonesian President Joko Widodo, known to millions as Jokowi, has selected Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan, the man whom the NYT recently described as the Arab world's most powerful ruler, comparing him favorably to Saudi Arabian Crown Prince MbS, to chair the committee responsible for overseeing the construction of the capital.
Indonesia is counting on a mix of private and state-owned entities to bear about 80% of the cost of building the capital, a “cost” that has been estimated at $34 billion. The city's precarious situation was highlighted again last week after a brutal monsoon flooded Jakarta and the surrounding area.
The fact that the plan to build a new capital is a public-private partnership suggests that these board members were likely picked for one reason: They either have connections around the world, or direct control over billions of dollars of capital.
But there's no question that the government needs to make this new capital work.