This article is part of Forbes’ 2024 report on Indonesia’s richest people. here.

Media and real estate tycoon and Media Nusantara Citra (MNC) group executive chairman Hary Tanoesoedibjo, who dropped out of the list last year, is back on the list as his business partner is set to return to the White House. Shares of MNC Land, which has a licensing agreement with the Trump Organization, have more than doubled from a year ago.

“Speculators in the market see an opportunity to ride on the momentum,” said Ezaridho Ibnutama, chief economist at NH Korindo Sekuritas Indonesia, a financial consultancy in Jakarta.

MNC Land, which calls itself an “entertainment hotel” company, has four Trump-branded projects: the soon-to-open Trump International Golf Club in Lido City, West Java, and the 107-hectare MNC Bali Resort in Bali. . It is also building ultra-luxury Trump residences at both locations.

The Trump effect also appears to have spread to media subsidiary MNC Digital Entertainment, with its stock price up by two-thirds from a year ago. Tanoesoedibjo is building Movieland, a 21-hectare production center in West Java. In September, MNC Digital acquired a minority stake in film producer Ram Punjabi’s production company Tripar Multivision Plus, which invested 511 billion rupees ($32 million) in MNC Digital’s production arm MNC Pictures.