Saudi Firms Signs $469.34 Million Worth of Investments During Pres. Duterte's Visit


Pres. Rody Duterte's visit to the Kingdom of Saudi Arabia, home of more than a million Overseas Filipino Workers (OFWs) yields positive results as the Philippine delegations signed a Memorandum of Understanding (MOU) for seven projects worth $469.34 million, which can generate 15,950 jobs in several areas managed by PEZA.


According to Philippine Economic Zone Authority (PEZA) the said projects from Saudi Arabian companies will boosts the national economy.

Owner of Small Investment Group, Shaikh Al Waleed Tuwaijri, pledged $133.34 million in projects to establish an academy, hotel and a medical centre in a tourism complex which is expected to generate more than 6,650 workers.


Amir M.Q. Siddiqui, business development director of Advanced Electronic Systems International (AESI), signed a memorandum of understanding with PEZA for a $150 million airport and hotel project that will be undertaken by a Middle Eastern and a Philippine company.

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.

Pres. Rody Duterte was in Saudi Arabia from April 10 to 12, he went to Bahrain on April 12 to 14 and by April 14 to 16, the 72-year-old Philippine President is expected to be in Doha, Qatar.

Source: Gulf News


Saudi Firms Signs $469.34 Million Worth of Investments During Pres. Duterte's Visit Saudi Firms Signs $469.34 Million Worth of Investments During Pres. Duterte's Visit Reviewed by Phil Newsome on 4/15/2017 Rating: 5

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