Indonesia’s new President Prabowo Subianto plans to create a new investment agency similar to Singapore’s Temasek.

Muliaman Hadad has been appointed to lead the proposed Daya Anagata Nusantara Investment Management Agency, subject to parliamentary approval.

Prabowo, who assumed office Sunday, is organizing key government roles, including over 100 ministerial and advisory positions.

The proposed agency aims to unify various state investments into a cohesive state-owned entity, according to Hadad.

Currently, the State-Owned Enterprises (SOEs) Ministry oversees government holdings in sectors such as banking and mining.

Additionally, Luhut Pandjaitan serves as an adviser focused on government digitalization.