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Saudi firms sign $469.34m worth of Philippine projects

Staff Writer | April 14, 2017
In Saudi Arabia, memoranda of understanding were signed for seven projects worth $469.34 million (Dh1.7 billion).
New business   Duterte was in Saudi Arabia
That can generate 15,950 jobs in several areas managed by the Philippine Economic Zone Authority (PEZA), sources said.

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, according to data from Saudi Arabia obtained by PEZA’s Manila office.

Philippine President Rodrigo 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 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.

Abdul Aziz Abdullah Abanmi, president of Eradh and Reyadhd Development and Commercial Investment, pledged a $50 million project for a 2,000 square metre fine-diningrestaurant chain which will employ 2,500 workers.