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SARGA.CO – There’s a multi-billion-rupiah business beating at the heart of Indonesia’s horse racing world. M. Iqbal, owner of Humaira Stable, shares the story of how he built a horse empire from the ground up, all starting from a passion.
“You have to love it first—then it can grow,” said Iqbal, emphasizing that the key to getting into this business is a genuine love for horses.
From there, he mapped out the entire business flow, from stud fees, breeding, stabling, racehorse management, horseback riding services, to equestrian training.
According to Iqbal, stud fees can range from Rp8 million to Rp50 million per mating session—depending on the champion bloodline of the stallion. The resulting offspring can then either be sold or trained to compete. “If they’re raced and win, their value increases dramatically,” he told SARGA.CO in a recent interview.
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Stabling services are also lucrative. Many owners board their horses for training, especially in regions like Jakarta, West Java, and East Java. There’s also racehorse management, where horse owners simply wait for race results and earn profits if their horse wins.
Riding and equestrian activities are also on the rise, especially in Islamic schools where horseback riding is encouraged as a prophetic tradition (sunnah).
Even global trends, like those in Malaysia and Singapore, are introducing horseback riding to children with special needs, as it is believed to help with focus and mental development.
In Indonesia, racehorse prices range from Rp100 million to several billion rupiah, depending on bloodline. “One of my horses was once offered Rp800 million, just because it was a champion with a strong pedigree,” said Iqbal.
Even young foals under a year old—known as belo—from elite bloodlines can fetch hundreds of millions.
Humaira Stable now owns 14 horses with a total value in the billions. On average, they sell two to three horses per month, each worth hundreds of millions.
According to Iqbal, communities and organizers like SARGA are instrumental in advancing Indonesia’s horse racing industry. With more structured race schedules, a growing level of professionalism, and steadily increasing horse values, Iqbal is optimistic that the business will continue to race ahead at full speed.
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