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Saudi firms to set up $469m projects in Philippines

RIYADH, April 15, 2017

Saudi Arabia has signed agreements for seven projects worth $469.34 million in Philippines, which can generate 15,950 jobs in several areas managed by the country's economic zone authority, said a report.
 
Philippine President Rodrigo Duterte witnessed the signing of memoranda of understanding for these projects during his recent visit to the kingdom.
 
Shaikh Al Waleed Tuwaijri, owner of Small Investment Group, pledged $133.34 million in projects to establish an academy, hotel and a medical centre in a tourism complex, which will generate 6,650 workers, reported Gulf News, citing data from Saudi Arabia obtained by Philippine Economic Zone Authority's (PEZA) Manila office.
 
Duterte was in Saudi Arabia from April 10 to 12. He went to Bahrain on April 12 and was expected to be there until April 14. He will be in Qatar from April 14 to 16.
 
In Saudi Arabia, Amir M.Q. Siddiqui, business development director of Advanced Electronic Systems International (AESI), signed a deal with Peza for a $150 million airport and hotel project that will be undertaken by a Middle Eastern and a Philippine company, said the report.
 
Faud Abdul Rahman Al Rasheed, president of Future Formation Holdings (FFH), an investment holding company, pledged a $100 million project for the development of logistics facilities, ports, power generation, and warehouses, all of which will generate 5,000 jobs, it stated.
 
Abdul Aziz Abdullah Abanmi, president of Eradh and Reyadhd Development and Commercial Investment, pledged a $50 million project for a 2,000 sqm fine-diningrestaurant chain which will employ 2,500 workers, it added.



Tags: Saudi | Philippines | Projects |

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