BAWAH RESERVE PUTS ANAMBAS ISLANDS ON THE LUXURY MAP
In the remote waters of Indonesia’s Anambas Islands, Bawah Reserve is redefining what it means to blend barefoot luxury with environmental stewardship.
2 min
Until recently, the Anambas Islands were barely a blip on the radar of international travellers. Scattered between Singapore and Borneo, this little-known archipelago has become an emerging hotspot for high-net-worth travellers seeking privacy, nature and sustainable luxury. At the centre of this rise is Bawah Reserve, a secluded six-island retreat that can only be reached by private seaplane.
The Reserve is set within a marine conservation zone that protects coral reefs, lagoons and rainforest. With just 36 villas and bungalows, Bawah was never designed to be a mass tourism destination. Instead, it is positioned as a model of low-impact development: activities are curated to connect guests to their surroundings while ensuring the fragile ecosystem remains intact.
Nature as the main attraction
Days at Bawah revolve around the landscape. Guests can dive and snorkel in reef systems still teeming with marine life, trek through rainforest to elevated lookouts, or simply swim off one of the Reserve’s 13 beaches. Those after a slower pace gravitate towards the Aura Wellbeing Deck for sunrise yoga or the spa, where treatments use botanicals sourced from the islands.
Food and culture also form part of the experience. The resort runs Indonesian coffee workshops and even a “scent bar” where visitors can create perfumes using tropical ingredients. One of the most talked-about experiences is the Castaway Picnic, which ranges from a white-tablecloth meal prepared by a private chef to a stripped-back family beach outing.
Evenings are more communal, with stargazing, cinema screenings beneath the open sky, or traditional Indonesian beach barbecues.
A growing profile
Paul Robinson, COO of Bawah Reserve, frames the philosophy around connection. “Bawah isn’t just a place you visit – it’s a place that stays with you. Our activities are crafted to connect guests to the spirit of the islands, whether through adventure, creativity, or quiet moments of reflection”.
That approach appears to be working. In recent years, the Anambas Islands have gained attention among Asia’s luxury travellers, partly due to their proximity to Singapore and partly because of properties like Bawah that position sustainability as part of the drawcard. The Reserve’s ultra-private Elang Residence, available only for exclusive group stays, has further lifted its profile.
The bigger picture
Bawah is part of a broader trend in high-end travel: ultra-remote destinations that sell not just luxury but the sense of being among the last to experience an untouched landscape. Unlike the Maldives or Phuket, the Anambas remain largely under the radar — a fact that gives Bawah an advantage with travellers tired of crowded hotspots.
The challenge, as with many eco-luxury projects, will be balancing exclusivity and environmental responsibility as demand grows. For now, Bawah Reserve stands as both a sanctuary for travellers and a statement about the future direction of Southeast Asian luxury tourism.
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Technology and semiconductor shares fell sharply as investors questioned the debt financing the AI infrastructure boom and confronted higher rates and Chinese competition.
Elon Musk is exploring a potential merger between Tesla and SpaceX, a deal that could reshape the future of AI, robotics, autonomous vehicles and space technology. With a combined valuation potentially reaching $3.5 trillion, the move could bring Musk’s vision of an interconnected technology ecosystem closer to reality, although a deal remains uncertain.
5 min
Elon Musk has engineered ties between Tesla TSLA 3.41%increase; up pointing triangle and SpaceX SPCX 7.79%increase; up pointing triangle that are hard to break, and now he wants to fuse them together permanently.
Musk has run both Tesla and SpaceX concurrently over the past two decades, using a schedule that dictated which days he spent focused on each business.
The companies have often shared resources and personnel, signaling their close ties. Last year, SpaceX looked into creating a spacesuit for Tesla’s humanoid robot Optimus, a person familiar with the matter said. Tesla last week showed off its new Roadster, a vehicle featuring SpaceX rocket thrusters that it hopes to soon bring to market.
And in recent months, Musk has repositioned both companies by expanding beyond their core operations toward a shared mission centered on artificial intelligence.
The world’s richest man on Tuesday signaled his interest in tying up SpaceX and Tesla, marking what would be the biggest corporate merger of all time. Because he serves as chief executive of SpaceX and Tesla, Musk said committees of independent directors at both companies are evaluating a possible deal, adding that a transaction might not come to fruition.
The committees will likely evaluate, with lawyers and bankers, how each company would fare in a potential deal and how a deal might best be structured. They then present their conclusions to their respective boards, who typically vote on whether to proceed.
“It’s an odd Kabuki dance where two groups of people are talking and I can’t be in the conversation,” Musk told SpaceX investors on Tuesday in response to an analyst’s question about a potential deal.
For Musk, the merger supports his vision of a world full of autonomous cars, humanoid robots and weekly rocket launches, as well as the data centers and satellites required to keep the whole thing running.
Some investors and analysts said they expect a transaction would be structured as an all-stock deal, with SpaceX potentially paying a modest premium for Tesla shares.
SpaceX, which has a market value of about $2 trillion, said it is seeing sharp growth in revenue across its businesses, which include operating data centers, launching rockets and operating satellite networks such as the internet service Starlink. Tesla is valued at about $1.5 trillion and is expanding its operations beyond its automotive and energy business. Shares in both companies traded higher following the news Tuesday.
Musk’s substantial ownership stakes in both companies, along with voting control at SpaceX, has enabled him to set the deal in motion. Analysts and investors said the deal will probably face regulatory scrutiny internationally, though some see Musk’s close relationship with the Trump administration as an asset to getting approval.
Blurred lines
The companies haven’t said which directors are on the special committees evaluating a potential deal. Several SpaceX and Tesla board members have either personal or business ties to Musk. And like Musk, venture capitalist Ira Ehrenpreis sits on both boards.
In a filing this week, Tesla outlined millions of dollars in business agreements with SpaceX and its subsidiaries last year, including $143 million in car sales to SpaceX, $3.3 million in advertising that it bought on the social-media platform X and $430 million in revenue from the sale of Megapack batteries for SpaceX’s data centers.
The companies also split the cost of resources including the use of Musk’s SpaceX jet and the bill for his personal security, which he runs through a private company.
Employees at both companies routinely move between companies to work on special projects, and some executives have dual roles, including Charles Kuehmann, vice president of materials engineering at both SpaceX and Tesla, and Ashok Elluswamy, the vice president of AI software at Tesla who runs a joint venture with SpaceX called Digital Optimus.
Over the years, Musk has launched new startups within his empire, including brain-implant company Neuralink, underground-tunnel developer the Boring Company and xAI, the AI startup that merged with SpaceX in February.
It is that AI business that Musk thinks can serve a market worth tens of trillions of dollars, justifying the need for a merger.
The business case goes like this: Tesla is developing robotaxis and robots, which it calls “physical AI.” SpaceX is working on the back end of physical AI: the data-center capacity and internet connection required for those robotaxis and robots to operate continuously.
“I don’t see what the value of Tesla is if it’s not merged with SpaceX,” said investment adviser Ross Gerber, a former Tesla bull turned critic invested in both companies. “If they don’t merge, the brains of everything that runs Tesla is owned by another company.”
On top of it all, both companies face constraints on the supply chains they need to make this world a reality, particularly when it comes to chips. To address this, Musk earlier this year announced a joint venture between Tesla, SpaceX and Intel to design and manufacture chips in Texas. “The most epic chip-building exercise by far,” he has said.
Musk at the wheel
For Musk, a merger would also solve two problems: demands on his attention and his lack of control at Tesla.
Tesla for years was Musk’s only public company, a status that came with greater scrutiny. There, Musk reports to a public board, as well as individual investors who make up around 30% of Tesla’s voting power, according to FactSet.
The question of Musk’s attention became a particular focus for investors and the board in recent years after he acquired Twitter in 2022 and launched xAI in 2023, and again in 2025 as he spent time in Washington, D.C., running the Department of Government Efficiency in the early months of President Trump’s second term.
As Tesla’s car business suffered in 2025, Musk threatened to take his AI ambitions outside the company if he wasn’t granted 25% voting control. Last November, Tesla shareholders approved a new pay package for Musk, which created a path for him to vastly expand his stake.
As of Sept. 30, Musk owned a roughly 20% stake in Tesla, according to the company’s proxy filing.
The SpaceX IPO gave Musk a different path. When SpaceX went public in June, the deal’s structure enabled him to have more than 80% voting power at the company—so much that he can’t be fired and decisions can’t be made without his support.
If SpaceX acquires Tesla, he will likely stay in control.
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