Investment splashy Saudi Arabia

The visit of King of Saudi Arabia Salman bin Abdulaziz al-Saud to Indonesia welcomed the bells-and whistles. The king mentioned will invest US $ 25 billion, or around Rp 334 trillion. Funds will be disbursed to various fields, including oil and gas sector. Overwhelming response was reasonable. After 47 years, this is the first time Saudi King to visit our country. This trip could be opening a new round of cooperation 'between the two countries and strengthen diplomatic relations. But too optimistic disbursement of investment affairs of Saudi Arabia is not a wise attitude.

Experience shows investment realization Saudi Arabia does not always go smoothly. A number of the memorandum of understanding of investment projects, such as construction of the Balongan refinery in Indramayu, Java, West and Dumai refinery in Riau, in limbo. Saudi Arabian oil company, Aramco, not being disbursed. The project finally managed entirely by Pertamina without foreign investors.

The investment figure for Saudi Arabia is also small. During 2011-2016, Saudi Arabia investment of only US $ 34.3 million or 0.02 percent of total foreign investment in Indonesia. The investment value in Indonesia the country ranks only 57th. Throughout 2016 Saudi Arabia realized investment was only US $ 900 thousand for 44 projects. The figure is far below the investment realization of other Middle Eastern countries, such as Kuwait, which reached US $ 3.6 million.

The five largest investors are Singapore (US $ 2.9 billion), Japan (US $ 1.6 billion), Hong Kong (US $ 500 million), China (US $ 500 million) and the Netherlands (US $ 300 million ). Humanitarian aid during the government of Saudi Arabia is also not smooth. Crane unfortunate victims in the Haram in 2015 until now have not received compensation.

In that incident, 12 members of the Indonesian pilgrims died and 42 were injured. The Saudi government had promised compensation of 1 million riyals, or USD 3.8 billion for all the families of the victims died and 500 thousand riyals, or USD 1.9 billion for the wounded.

That is why, plans massive investment Saudi Arabia should be addressed critically. Moreover, the country is experiencing economic difficulties. The drop in world oil prices since 2014 hit the economy of Saudi Arabia. The oil country had a deficit of US $ 89 billion last year. Whereas 80 percent of their income comes from oil exports. Saudi Arabia's investment plans to a number of Asian countries, including Indonesia, should be seen as the country's efforts to get new revenue sources beyond oil.

The Indonesian government must still take advantage of the opportunity. If Saudi Arabia cooperates serious economic and disburse funds, the government needs to be prepared. But people have to realize also that the investment plan mentioned in official visit will not all be realized.

IN INDONESIAN

Heboh Investasi Arab Saudi

Lawatan Raja Arab Saudi Salman bin Abdulaziz al-Saud ke Indonesia disambut gegap-gempita. Sang raja disebut-sebut akan menanam investasi senilai US$ 25 miliar atau sekitar Rp 334 triliun. Dana itu akan dikucurkan ke berbagai bidang, termasuk sektor minyak dan gas. Sambutan yang luar biasa itu wajar. Setelah 47 tahun, Baru kali ini Raja Arab Saudi berkunjung ke negara kita. Lawatan ini bisa membukan babak baru kerja sama 'kedua negara dan mempererat hubungan diplomatik. Tapi terlalu optimistis ihwal kucuran investasi dari Arab Saudi bukanlah sikap yang bijak. 

Pengalaman menunjukkan realisasi investasi Arab Saudi tidak selalu berjalan lancar. Sejumlah nota kesepahaman proyek investasi, seperti pembangunan kilang Balongan di Indramayu, Jawa, Barat  dan kilang Dumai di Riau, terkatung-katung. Perusahaan minyak Arab Saudi, Aramco, tidak kunjung mengucurkan dana. Proyek tersebut akhirnya dikelola sepenuhnya oleh Pertamina tanpa investor asing.

Angka investasi Arab Saudi selama ini juga kecil. Selama 2011-2016, investasi Arab Saudi hanya US$ 34,3 juta atau 0,02 persen dari total investasi asing di Indonesia. Nilai investasi negara itu di Indonesia hanya berada di urutan ke-57. Sepanjang 2016 realisasi investasi Arab Saudi hanya US$ 900 ribu untuk 44 proyek. Angka itu jauh di bawah realisasi investasi negara Timur Tengah lainnya, seperti Kuwait, yang mencapai US$ 3,6 juta.

Adapun lima investor terbesar adalah Singapura (sebesar US$ 2,9 miliar), Jepang (US$ 1,6 miliar), Hong Kong (US$ 500 juta), Cina (US$ 500 juta), dan Belanda (US$ 300 juta). Bantuan kemanusiaan pemerintah Arab Saudi selama ini juga tidak berjalan mulus. Korban musibah crane di Masjidil Haram pada 2015 hingga kini belum mendapat santunan.

Dalam insiden itu, 12 anggota jemaah Indonesia meninggal dan 42 orang cedera. Pemerintah Arab Saudi sempat menjanjikan santunan sebesar 1 juta riyal atau Rp 3.8 miliar bagi semua keluarga korban meninggal serta 500 ribu riyal atau Rp 1,9 miliar untuk korban luka.

Itu sebabnya, rencana investasi besar-besaran Arab Saudi mesti ditanggapi secara kritis. Apalagi negara ini sedang mengalami kesulitan ekonomi. Anjloknya harga minyak dunia sejak 2014 memukul perekonomian Arab Saudi. Negeri minyak itu mengalami defisit US$ 89 miliar tahun lalu. Padahal 80 persen pendapatan mereka berasal dari ekspor minyak. Rencana investasi Arab Saudi ke sejumlah negara Asia, termasuk Indonesia, harus dilihat sebagai upaya negara itu mendapatkan sumber pendapatan baru di luar minyak.

Pemerintah Indonesia harus tetap memanfaatkan peluang itu. Kalau Arab Saudi serius menjalin kerja sama ekonomi dan mengucurkan banyak dana, pemerintah perlu menyiapkan diri. Tapi masyarakat harus menyadari pula bahwa rencana investasi yang disebutkan dalam lawatan resmi  belum tentu semuanya bisa direalisasi.

Koran Tempo, Page-11, Thursday, March, 2, 2017