1NVEST0R MAND1R1 maen SAHAM bener

belajar MANDIRI, akan JAUH LEBE SUKSES (SEJAK 210809)

seharusnya imbas koreksi ihsg sudah tidak terlalu dalam lagi … 281109 28 November 2009

Filed under: Investasi dan Risiko — bumi2009fans @ 11:22 am

Sabtu, 28/11/2009 10:32 WIB
Gagal Bayar Dubai World Bisa Bikin Dana Asing ‘Lari’
Wahyu Daniel – detikFinance

… Déjà vu … kejadian DW sebenarnya mengingatkan gw pada kasus Bear Stearn, Lehman Bros, AIG, Citibank dan Merryl Lynch … ada kemiripan tapi juga ada perbedaan … kemiripannya adalah kasus DW terjadi di luar negeri, dan banyak bank besar asia, eropa, australia dan amrik terimbas negatif karena keterkaitannya pada kredit DW yang lumayan besar, walau pun JAUH LEBIH IMUT daripada kasus2 finansial di amrik … namun karena ASIENK di saham indon juga maseh dominan, maka akan tetap terjadi imbas sesaat yang sedang-sedang saja … tampaknya kalo terjadi koreksi di ihsg, maka koreksi itu akan terjadi imut2 aja dah … apalagi KOREKSI AKHIR NOVEMBER KARENA AMBIL LABA DAN KASUS THE BAKRIES sudah terjadi lebe dulu dan lebe besar … lalu para investor ASIENK PASTI PUZZZIENK CARI SAFE HAVEN … karena the fed fund rate, treasury bill, dan obligasi bank sentral amrik MEMBERI YIELD/IMBAL HASIL IMUT … seandainya pun terjadi arus CAPITAL OUTFLOW, semoga ga berlebihan karena (semoga) perbankan MANA ADA YANG MO MINJEMIN DUBAI, LHA WONG MEREKA SENDIRI JUGA MANA ADA YANG MO MIKIRIN NASIB EKONOMI INDON, kecuali yang imut2 seperti untuk para tki … tapi imbas pada perbankan China (terutama) dan Jepang harus disimak, karena akan SEMAKIN MEMPERBERAT KONDISI PERKREDITAN BISNIS DAN INVESTASI DI CHINA … koreksi yang terjadi pekan akhir N(yaman)ovember juga disebabkan oleh soal perkreditan di china, sehingga nasib saham indon berubah tidak nyaman di bulan NO(happy)VEMBER …

Jakarta – Kondisi gagal bayar sebagian surat utang atau obligasi Dubai World berpotensi membuat aliran dana asing yang masuk ke negara-negara berkembang atau emerging markets menurun, akibat turunnya kepercayaan para investor asing.

Demikian dikatakan oleh Dirjen Pengelolaan Utang Departemen Keuangan Rahmat Waluyanto kepada detikFinance , Sabtu (28/11/2009).

“Ada yang mengatakan capital flows (aliran dana asing) ke emerging markets akan menurun,” ujarnya.

Selain itu, Rahmat juga mengatakan, kondisi gagal bayar yang dialami oleh Dubai World ini juga akan berdampak kepada makin mahalnya biaya penerbitan surat utang negara-negara berkembang (emerging markets ) sebab perhitungan premi risiko pada harga surat utang semakin tinggi, atau harus ada extra price yang diberikan.

Meskipun begitu, diakui Rahmat, sampai saat ini Departemen Keuangan belum melihat dampak dari gagal bayar Dubai World terhadap pasar Surat Utang Negara (SUN) domestik. “Yield dan kepemilikan SUN oleh asing tidak berubah dalam 3 hari terakhir sebelum libur,” imbuhnya.

Menurut Rahmat, masalah gagal bayar obligasi Dubai World ini adalah karena lemahnya keterbukaan (disclosure ) serta pengawasan (supervisi).

“Sebagian dari debts dicatat off-balance sheet dan ratio utang mencapai 103%. Beberapa bank besar Eropa yang menjadi kreditur disinyalir terpengaruh kinerja keuangannya,” tutupnya. (dnl/dnl)
Dampak Dubai World Diprediksi Menurun Pekan Depan
Sabtu, 28 November 2009 – 11:36 wib

JAKARTA – Pengamat Pasar Modal David Cornelius menilai gagal bayarnya Dubai World atas sebagian obligasinya yang jatuh tempo tidak terlalu memberi dampak signifikan terhadap pasar finansial dalam negeri.

“Biasa saja, tidak masalah. Itu hanya sentimen biasa saja,” kata dia saat dihubungi, di Jakarta, Sabtu (28/11/2009).

Kendati memberi imbas pada merosotnya bursa global dan lokal, menurut dia, itu hanya merupakan efek terhadap pasar yang memfaktorkan berita tersebut dengan penurunan yang berbarengan dengan pelemahan bursa secara teknis. Akibatnya, bursa global maupun domestik terkoreksi.

“Walaupun hanya sebatas “contagious effect” ke market saja, tapi secara eksposure struktural, Indonesia tidak memiliki eksposure terhadap mereka. Jadi, hanya sentimen terhadap momentum pergerakan harga saham semata,” tutur David.

Karena itu, dia memprediksi, koreksi yang terjadi di market hanya bersifat sementara. Dia yakin, market akan kembali positif dalam waktu dekat. Karena itu, dia memproyeksikan dampak Dubai World terhadap pasar akan menurun pada pekan depan. Prediksi dia, IHSG pada pekan depan akan berada di resistance di kisaran 2.426-2.476. Sedangkan support di kisaran 2.333-2.355.

Sebagai informasi, pemerintah Dubai mengumumkan Dubai World meminta penyedia pembiayaan Dubai World dan ank usahanya untuk memperpanjang jatuh tempo menjadi 31 Mei 2010.

Tercatat, anak usaha Dubai World, Nakheel memiliki obligasi syariah senilai USD3,5 miliar yang jatuh tempo pada 14 Desember 2009 dan utang lainnya senilai USD980 juta yang jatuh tempo pada 13 Mei 2010. Selain itu, Limitless, anak usaha Dubai World juga memiliki obligasi syariah senilai USD1,2 miliar, yang jatuh tempo pada 31 Maret 2010.

Pengumuman gagal bayar itu memberi dampak negatif terhadap pasar finasial global. Bahkan, bursa Eropa dan Asia langsung terkoreksi akibat berita itu.
(J Erna/Koran SI/ade)
Krisis Dubai Diyakini Tak Akan Menjalar ke Indonesia
Sabtu, 28 November 2009 | 19:16 WIB

TEMPO Interaktif, Jakarta -Direktur Perencanaan Makro Badan Perencanaan Pembangunan Nasional (Bappenas), Bambang Prijambodo, optimistis krisis keuangan yang dialami perusahaan investasi global pemerintah Uni Emirat Arab, Dubai World, tak akan merembet ke Asia, apalagi menjadi krisis global. Namun, memburuknya sistem keuangan di suatu kawasan tetap akan mempengaruhi keputusan para investor menanamkan modal.

Bambang yakin negara-negara di kawasan Timur Tengah tak akan tinggal diam melihat Dubai mengalami krisis keuangan. Pasalnya, kawasan itulah yang akan terkena dampak langsung krisis tersebut. Krisis keuangan Dubai World akan langsung direspons negara-negara Timur Tengah yang terancam bakal terkena dampak langsung.

Oleh sebab itu, Bambang yakin memburuknya sistem keuangan Dubai akan langsung direspons kawasan Timur Tengah sehingga tak akan merembet langsung ke kawasan lainnya seperti yang terjadi ketika krisis keuangan di Amerika Serikat.

“Apalagi di Asia yang memiliki ketahanan sistem keuangan cukup besar dengan cadangan devisa cukup besar dengan dukungan Cina dan Jepang,” kata Bambang ketika dihubungi Tempo, Sabtu (28/11).

Dia mengatakan, karakter krisis keuangan Dubai World sangat berbeda dengan yang terjadi di Amerika ketika kredit macet sektor properti berdampak pada pasar penjaminan kredit yang bertingkat-tingkat. Ketika itu, akta kredit perumahan dijaminkan dan diperjualbelikan menjadi produk derivatif perbankan maupun lembaga keuangan non-bank. Akibatnya, kredit macet pun menyebabkan perusahaan jasa keuangan yang terkait ikut merugi.

Adapun penundaan pembayaran utang Dubai World yang terancam macet ini hanya terkait dengan kreditor mereka. “Kalau pun ada pengaruhnya tak akan besar dan tak akan menjalar luas,” ujar Bambang.

Bambang memperkirakan krisis Dubai akan berpengaruh buruk bagi para investor, termasuk terhadap rencana ekspansi Dubai World sendiri. Namun, dampak itu diperkirakan hanya berupa penundaan rencana investasi sembari menunggu masa pemulihan. “Kalau sampai pembatalan sangat kecil kemungkinannya.”

Menurut dia, kasus ancaman gagal bayar Dubai World menunjukkan potensi gejolak pada sistem keuangan global masih terbuka. Meskipun demikian, dia mengakui pemulihan ekonomi pasca krisis keuangan setahun terakhir mulai tampak. “Dunia, kawasan, dan negara-negara termasuk Indonesia harus tetap memperkuat peraturan sistem keuangan. Jangan sampai ini dilupakan karena krisis berakhir,” kata Bambang.

AGOENG WIJAYA

Europe’s stocks recover from sharp falls
Article from: Agence France-PresseFont
From correspondents in London
November 28, 2009 03:39am
EUROPE’S leading stock indexes closed higher today, reversing earlier sharp losses driven by a shock debt announcement in Dubai that alarmed markets worldwide.

London’s FTSE 100 index of leading shares closed 0.99 per cent higher at 5245.73 points.

Frankfurt’s DAX rose 1.27 per cent to 5685.61 points and in Paris the CAC 40 gained 1.15 per cent to close at 3721.45.
Jumat, 27 November 2009 | 19:04

Nov. 27, 2009, 4:15 p.m. EST
U.S. banks less exposed to Dubai than European rivals
Derivative-based hedging, loan syndication clouds ultimate exposures

By Alistair Barr, MarketWatch
SAN FRANCISCO (MarketWatch) — U.S. banks are probably less exposed than European rivals to a potential debt default by Dubai World, but a lack of transparency and the interconnectedness of the modern financial system make it difficult to know which institutions are ultimately exposed, analysts said this week.

Dubai said late Wednesday that it would restructure Dubai World, a sprawling conglomerate behind many of the largest construction projects in the Persian Gulf emirate.

Asian Stocks Fall on Dubai Concerns
Some of the region’s indexes took a big hit as the impact of credit problems at Dubai World spreads. Hong Kong bureau chief Peter Stein talks to markets and economics reporter Alex Frangos about the underlying causes of concern in Asia.

Dubai World owes roughly $60 billion and has payments of billions of dollars due in coming weeks. Instead, Dubai announced a six-month “standstill” on repayments. Extending payment deadlines like this is considered a default by many fixed-income investors.
Shares of banks and other financial-services stocks fell Friday as investors worried about which institutions have lent Dubai World money and now face the prospect of not being paid back on time. See Financial Stocks.

However, U.S. bank shares declined less than European-based institutions because lenders in Europe are generally more exposed to the Middle East.

Cross-border banking exposure for the United Arab Emirates as a whole totaled $123 billion at the end of June, according to Brown Brothers Harriman, which cited data from the Bank for International Settlements. Yet this excludes the bond debt that Dubai World is trying to reschedule, the firm said.

Of that total, European banks hold 72%, with the United States and Japan only holding 9% and 7% of the exposure, respectively. France and Germany each account for around 9%. The United Kingdom is by far the biggest creditor with a share of 41%, Brown Brothers Harriman said.

Foreign banks accounted for $90 billion, or 22%, of the $413 billion in banking assets in the United Arab Emirates at the end of 2008, according to Jason Goldberg, a U.S. banking analyst at Barclays Capital, who cited official UAE data. “The majority appears held at European banks,” he wrote in a note.

U.S. banks also have to disclose which cross-border outstandings account for more than 0.75% of assets. Dubai, UAE and other Mideast nations aren’t listed in any banks’ annual regulatory filings, Goldberg added. “Given U.S. banks have minimal direct exposure, investors looking for exposure to the space could view any stock-price weakness as a potential opportunity.”

Goldberg recommends stocks including J.P. Morgan Chase & Co. (NYSE:JPM) , US Bancorp (NYSE:USB) , PNC Financial Services Group (NYSE:PNC) and Wells Fargo & Co. (NYSE:WFC)

‘Given U.S. banks have minimal direct exposure, investors looking for exposure to the space could view any stock-price weakness as a potential opportunity.’

‘Given U.S. banks have minimal direct exposure, investors looking for exposure to the space could view any stock-price weakness as a potential opportunity.’

Jason Goldberg, Barclays Capital
Citigroup (NYSE:C) was the 14th largest bank operating in UAE in 2008. No other U.S.-based bank was in the top 38, according to Barclays Capital research. A Citi spokeswoman declined to comment on the bank’s exposure to the region.

U.K.-based HSBC Holdings PLC (NYSE:HBC) was the fifth-largest bank in the UAE last year, while Standard Chartered was eighth, Barclays Capital said, citing data from the Emirates Bank Association.

HSBC accounted for $29 billion of the $413 billion in banking assets in the UAE at the end of 2008, while Standard Chartered (LSE:UK:STAN) had $19 billion, according to Barclays Capital.

‘Unknown’

However, it’s not clear which institutions may have ultimate exposure to any losses from a Dubai World default. That’s because debt is usually syndicated, or sold, among a wide range of investors after it’s issued.

Firms also often hedge their exposure to loans through derivative-based guarantees like credit-default swaps. These private contracts aren’t disclosed, so it’s not clear which banks, insurers, hedge funds or other investors might be on the other side of the trades.

The price of credit-default swaps on the debt of DP World Ltd., a unit of Dubai World that’s one of the largest marine-terminal operators, more than doubled to 630 basis points in the past week, according to Markit.

Credit-default swaps on the debt of the Dubai government also more than doubled to 538 basis points during the same period, Markit said.

Higher credit-default swap prices suggest investors are willing to pay more for protection against future defaults.

“It is unknown … how much of the Dubai product that has been guaranteed is held by American banks,” Richard Bove, an analyst at Rochdale Securities, wrote to investors.

When the subprime-mortgage crisis hit in 2007, the same lack of transparency and interconnectedness caused widespread uncertainty across the financial system, leading to a broad credit crunch and the worst global recession since the Great Depression.

“To date this has been an ‘Anglo-Saxon’ issue, and not one that has upset banks outside the U.S. and Britain,” Bove said. “This event will change this perception and one can expect both American and foreign-bank regulators to demand more capital in the global banking system and greater transparency in trading derivatives.”

Dubai also invested in some large, prestigious U.S. commercial real-estate properties in recent years and some U.S. banks may have lent money on those assets, Bove added.

“Dubai may have to unload some very prestigious properties at distressed prices and this will drive the price of all commercial real estate lower,” the analyst wrote. “This would clearly be a problem for American banks.”

KRISIS UTANG DUBAI

Dubai Effect Bikin Investor Asia Panik

***

JAKARTA. Seperti virus, dampak krisis utang Dubai World terus menyebar. Jumat (27/11), hampir semua bursa saham di kawasan Asia-Pasifik merah membara. Di Hong Kong, harga saham HSBC Holdis Plc dan Standard Chartered Plc tenggelam 7% lebih. Pemicunya, CLS Asia-Pacific Market menyatakan bahwa krisis utang Dubai World akan membawa “dampak negatif” bagi kedua bak ini. Kejatuhan harga saham dua bank itu pun membuat indeks Hang Seng longsor 4,8% menjadi 21.134,50.

Kondisi bursa saham Jepang juga tak lebih baik. Harga saham Obayashi Corp. jatuh 8,7% setelah Daiwa Securities memprediksi, perusahaan ini akan kehilangan pendapatan mereka dari Dubai. Kemarin, indeks Nikkei 225 juga anjlok 3,2% menjadi 9.081,52.

Di bursa Jepang, virus krisis utang Dubai ini mulai menjelma menjadi “penyakit” komplikasi. Sebab, peristiwa itu juga membuat dollar Amerika Serikat (AS) jatuh ke titik terendah dalam 14 tahun terakhir terhadap yen. Hari ini, nilai yen melewati angka keramat 85 yen per dollar AS. Bahkan, nilai yen sempat mencapai 84,83 yen per dollar AS. Ini kurs yen terkuat sejak Juli 1995. Nah, penguatan yen ini akan memukul perusahaan-perusahaan Jepang yang berorientasi ekspor.

Indeks S&P/ASX 200 Indeks di Australia juga merosot 2,9%. Saham BHP Billiton Ltd terpangkas 3,4%. Secara keseluruhan, Indeks MSCI Asia-Pasifik merosot 3,2% ke angka 113,78. Ini penurunan terbesar sejak 30 Maret 2009. Adapun dampak ke bursa Indonesia mungkin baru akan terlihat Senin depan.

Hingga berita ini ditulis, kontrak berjangka indeks Standard & Poor’s 500 di AS juga merosot 2,9%. Ini menjadi sinyal bahwa bursa Amerika mungkin juga akan ikut melemah, setelah Kamis libur Thanksgiving.

Apakah dubai effect akan terus belanjut? “Terlalu dini untuk menyatakan bahwa peristiwa ini menjadi titik balik pasar saham. Tapi, ini mengingatkan bahwa sistem finansial global masih belum beres. Investor harus tetap waspada,” ujar Tim Schroeders, manajer investasi Pengana Capital Ltd. di Melbourne.

Cipta Wahyana Bloomberg
THE PERSIAN GULF November 27, 2009, 4:09PM EST
‘The Sheikh’s New Clothes?’ Dubai’s Desert Dream Ends
Sheikh Mohammed lured investors with futuristic projects. Now they’re left with $80 billion in debt, little confidence in Dubai, and growing questions

By Stanley Reed

The boom years of the early 21st century were good for many people, but perhaps no one enjoyed them more than Sheikh Mohammed bin Rashid al Maktoum, the ruler of Dubai. Stripped to its essentials, Dubai is a sweltering strip of sand blessed with a natural harbour known as the creek, which has been an entrepot for merchants and smugglers for centuries. Building on his father’s vision, Sheikh Mohammed turned Dubai into a 21st Century boomtown, luring western financiers and tourists with gleaming steel and glass towers, vast beaches, and green golf resorts.

Now Sheikh Mohammed is calling for a standstill on debt repayments at one of his most important companies, Dubai World, least temporarily rocking world markets and raising huge questions about the future of Dubai. The Standard & Poor’s 500 index of 500 stocks fell 1.7% in abbreviated trading Friday, to 1,091.49, and the MSCI Emerging Markets Index had slipped 1.8% as of 2:12 p.m.

Dubai was always a confidence game—a momentum play. Unlike Saudi Arabia or Abu Dhabi, the hugely wealthy emirate to the West, Sheikh Mohammed had scant oil production to fuel his grandiose ideas. Instead he sold the world on his vision of Dubai as a hub for the Middle East, western Asia, and Africa, attracting investment from his wealthier neighbors—both Arabs and Iranians—and increasingly, from the West and Russia.

For a while, it worked. Western bankers fell over each other to book space in his Dubai International Financial Center, a handsome if somewhat over-the-top real estate project aimed at being the Wall Street of the Gulf. The cream of technology companies and media companies, from Cisco Systems (CSCO) to Microsoft (MSFT), set up shop in Dubai’s Internet City. CEOs and politicians came to Dubai to pay court to the ruler, whom they treated like a sage.

SHEIKH’S SUBORDINATES COMPETED RASHLY
Sheikh Mohammed patronized a corps of young technocrats, who worshiped “The Boss” and raced to enact his visions. He told them there was nothing they couldn’t do if they put enough imagination and energy into it. When Mohammed Alabbar, the chairman of developer Emaar Properties, came to the Sheikh with a plan to build a skyscraper in what was becoming the new downtown of Dubai, the ruler urged him to build the tallest building in the world. That’s exactly what Alabbar did; today the Bourj Dubai is nearly completed, soaring above an artificial lake that boasts an elaborate set of fountains that cost $250 million. For a relatively small place, Dubai has acquired an extraordinary collection of futuristic towers—some of them unfinished or empty. The cityscape looks like something out of a Buck Rogers setting.

A man in a hurry, Sheikh Mohammed created rival building arms and investment managers and spurred them to compete with each other for land and capital. At one point he had at least three private-equity operations going at once under his aegis. These units invested heavily outside of Dubai at the top of the market, using borrowed money. Banks, too, bought into the Sheikh’s vision, or at least wanted to be included in the charmed circle.

When the credit crunch came, Dubai was badly exposed to known debt of $80 billion to $90 billion, and possibly even more. The Sheikh and his lieutenants, who had seemed masters at selling Dubai to the world, suddenly seemed inept. That Dubai has a serious problem has been well known for more than a year. Little progress has been made to resolve it.

It almost seems as if the ruler and those around him are in denial, not wanting to acknowledge the extent of their troubles—even to themselves. Earlier this year the ruler appointed a frank-speaking young finance minister, Nasser al Shaikh, who tried to force some of Dubai’s big companies to sort out their problems. He was promptly fired.

A MYSTERY: ABU DHABI’S $10 BILLION
In another sign of stress earlier this month, Omar bin Sulaiman, the well-regarded governor of the financial center, was also ousted. Three of the Sheikh’s closest advisors were removed from the board of the Investment Corp. of Dubai, which manages the government’s stakes in some of the big companies such as Emirates Airlines. These moves may have been designed to appease critics in Abu Dhabi and Dubai’s own worried merchant community.

Worried backers of Dubai always assumed that Abu Dhabi would come to Sheikh Mohammed’s rescue if he got into real trouble. That has been true to an extent. Earlier this year the central bank of the United Arab Emirates, which is mostly funded by Abu Dhabi, the wealthiest of the emirates, loaned Dubai $10 billion. What has happened to the money is something of a mystery.

This all came to a head on Nov. 25, when Dubai rocked world markets by announcing that it would seek a standstill on debt repayments of ports operator and real estate developer Dubai World, the most troubled of state-controlled Dubai Inc. companies. The timing was horrendous, coming on the eve of an Islamic holiday, as well as the U.S. Thanksgiving. Worried investors—who only recently had begun putting new money into Dubai on the presumption that the worst was over—scrambled for information. Little was forthcoming. Reporters raced around the city, chasing press conferences that were never held. In a bizarre statement on Nov. 26, Sheikh Ahmed bin Saeed Al Maktoum, a Dubai official, said: “The government is spearheading the restructuring of this commercial operation in the full knowledge of how the markets would react.”

What prompted the Dubai leadership to behave this way? There has been much speculation that an increasingly skeptical Abu Dhabi had refused to come to Dubai’s rescue. But only hours before, two Abu Dhabi banks agreed to loan Dubai $5 billion. It looks more like a combination of a lack of awareness and denial, which may well be making things worse than they need to be for Dubai and its ruler.

What happens now? Abu Dhabi will come under pressure to provide more help to avoid being tarnished by a meltdown next door. Sales of Dubai’s overseas assets, such as New York clothier Barneys, may be accelerated to raise funds. Sheikh Mohammed will try to preserve his independence and dignity. But already—in what some interpret as a sign of Abu Dhabi’s growing influence—Sheikh Khalifa, that nation’s ruler, is now pictured with Sheikh Mohammed on a huge poster at a traffic circle in Dubai.

Reed is London bureau chief for BusinessWeek.
Imbas Dubai ke Rupiah & Saham Tak Signifikan
Dubai World menanamkan investasinya di Indonesia US$ 7,21 miliar.
SABTU, 28 NOVEMBER 2009, 12:50 WIB
Umi Kalsum, Agus Dwi Darmawan

Pembangunan di Kota Dubai, Uni Emirat Arab (AP Photo/Kamran Jebreili)
BERITA TERKAIT
Wall Street Juga Kena Senggol Dubai World
Investasi Dubai di Indonesia US$ 7,21 Miliar
Investasi Dubai di Indonesia US$ 7,21 Miliar
Emir Dubai Berkali-kali Tepis Adanya Krisis
Dubai Krisis Utang Puluhan Miliar Dolar
Web Tools

VIVAnews – Jatuhnya Dubai World karena terbelit utang yang sangat besar diprediksi akan mempengaruhi persepsi investor di seluruh dunia. Namun Indonesia tidak perlu khawatir. Meski investasi di Indonesia mencapai US$ 7,21 miliar, dampaknya tidak akan terlalu signifikan.

Awal pekan ini konsorsium Dubai World telah meminta para kreditor untuk bersabar menerima pembayaran utang hingga Mei 2010. Utang pokok yang harus ditanggung Dubai World sebesar US$ 60 miliar. Bila termasuk bunga, beban yang harus ditanggung grup perusahaan dukungan pemerintah itu menjadi sekitar US$ 80 miliar.

Pengamat Ekonomi Purbaya Yudhi Sadewa mengakui memang akan banyak investor yang kembali menghentikan investasi dalam beberapa hari mendatang. Hal ini terjadi berkaitan dengan ketidakjelasan pasar investasi. Pasalnya Dubai yang merupakan kota elit di Uni Emirat Arab, tadinya diagung-agungkan sebagai daerah yang menimba emas saat krisis.

“Mereka menunda utang, itu artinya kesulitas cash, jadi nanti akan ada pilih-pilih dulu,” kata Purbaya di Warung Daun, Sabtu 28 November 2009.

Namun demikian, investasi Dubai di Indonesia senilai US$ 7,21 miliar, menurutnya belum akan berdampak signifikan. Meski mencapai miliaran dolar, dibandingkan dengan seluruh investasi di Indonesia, angka itu belum ada apa-apanya.

“Tapi saya belum tahu, apakah investasi mereka itu sudah berjalan (uangnya masuk ke Indonesia) atau masuk bertahap. Kalau bertahap artinya uang belum masuk, pengaruhnya tidak terasa, mungkin proyeknya saja yang berhenti. Tapi kalau sudah, dampaknya mungkin akan ada,” kata ekonom Danareksa itu.

Namun demikian, angka koreksi terhadap investasi, rupiah dan saham, diperkirakan tidak cukup tajam. Ini terlihat dari kondisi pasar modal Asia yang meski terkoreksi cukup tajam yakni rata-rata mendekati 5 persen, rupiah masih tertahan karena sentimen dolar.

“Efek ke rupiah tidak akan signifikan,” katanya. Demikian juga dalam hal investasi, karena dana yang sudah masuk ke Indonesia tidak balik begitu saja ke luar negeri.

Berdasarkan catatan VIVAnews, total investasi Dubai hingga 12 Mei 2009 di Indonesia mencapai US$ 7,21 miliar. Berikut adalah beberapa investasi tersebut:

Dubai Ports (DP) World
Dubai Ports World menginvestasikan US$ 175 juta untuk membentuk perusahaan patungan (joint venture/JV) dengan PT Pelindo III, PT Terminal Petikemas Surabaya (PTS).

DP World membeli 49 persen saham pada usaha patungan tersebut dari P&O pada 2006.

DP World adalah anak usaha Dubai World milik pemerintah Emirat Dubai. Pada 2006, DP World juga membeli saham P&O di seluruh dunia senilai US$ 7 miliar.

Dubai DryDocks World (DDW)
Dubai DryDocks World melalui DryDocks World SE membentuk JV PT Batam Maritime Center. Perusahaan berinvestasi hingga US$ 500 juta untuk bekerja sama dengan Fabtech International Ltd yang juga perusahaan asal Dubai.

DDW adalah anak usaha Dubai World. Proyek ini terhambat lebih dari dua tahun sejak nota kesepahaman (memorandum of understanding/MoU) ditandatangani pada 10 Agustus 2007.

Selain di dalam negeri, DDW telah membeli dua perusahaan milik Singapura senilai US$ 1,5 miliar. DDW berambisi menjadikan galangan kapal di Batam sebagai galangan kapal terbesar di Asia.

Emaar Properties PJSC
Emaar Properties menginvestasikan US$ 600 juta untuk mengembangkan kawasan wisata Lombok. Perseroan bekerja sama dengan Bali Tourism Development Corporation.

Pada investasi tersebut, Emaar akan membangun hotel dan resor, serta perumahan berskala internasional seluas 1.250 hektare (ha).

MoU ditandatangani pada 19 Maret 2008 di Dubai. Presiden telah menandatangani peraturan pemerintah (PP) sebagai upaya penyelesaian akhir investasi dengan Emaar.

Limitless Ltd
Limitless menjadi mitra strategis PT Bakrieland Development Tbk (ELTY). Investasi perusahaan mencapai US$ 1,7 miliar untuk membangun proyek Rasuna Epicentrum di Kuningan, Jakarta.

Meski demikian, pembangunan gedung tersebut mengalami perubahan jumlah lantai karena krisis situasi keuangan global beberapa waktu lalu.

Limitless adalah perusahaan real estat global yang dimiliki Dubai World.

RAK Minerals and Metals Investment (RMMI)
RMMI memiliki dua proyek di Tanah Air. Proyek pertama menghabiskan investasi hingga US$ 1,5 miliar untuk membangun Pelabuhan Tanjung Api-api.

Perusahaan bekerja sama dengan Pemda Provinsi Sumatera Selatan. Selain itu, RMMI membangun kawasan industri.

Proyek lainnya adalah kerja sama dengan Pemda Provinsi Kalimantan Timur pada pertambangan batu bara dan pembangunan proyek rel kereta api batu bara.

RMMI menginvestasikan US$ 600 juta dan bekerja sama dengan PT Kutai Timur Investama pada proyek tersebut. Penandatanganan MoU telah dilakukan pada 5th World Islamic Economic Forum 2009 di Jakarta pada 2 Maret 2009.

Star Petro Energy (ETA Star/ ETA Group)
ETA Star menginvestasikan US$ 1,7 miliar untuk membentuk perusahaan patungan dengan Pertamina dan Itochu Corp, Jepang. Perusahaan patungan akan mengembangkan kapasitas produksi pada kilang pengolahan (refinery) minyak bumi di Balikpapan.

Penandatanganan MoU dilakukan saat penyelenggaraan 5th World Islamic Economic Forum 2009 di Jakarta, 2 Maret 2009.

Emirates Telecom (Etisalat)
Etisalat membeli 1,13 miliar lembar (16 persen) saham PT Excelcomindo Pratama Tbk (EXCL) pada Desember 2007. Pembelian saham tersebut menghabiskan investasi hingga US$ 438 juta.

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