Philippines invites investors from Saudi Arabia

Reading Time: 2 minutes

saudi-women-walkingThe Philippines has been encouraging Saudi businesses to invest in the country and attend or participate in major trade fairs and exhibitions in the Philippines in the future, the Saudi Gazette wrote on June 12.

Investment could flow into projects in tourism, garment production, food processing and infrastructure, the paper said.

Saudi investors could build upon existing projects in the Philippines. In December 2012, Kingdom Hotel Investments, a wholly owned subsidiary of Kingdom Holding Company, through a joint investment with Ayala Land Inc., opened the 280-room Fairmont Hotel, a 32-suite Raffles Hotel and 237-room Raffles-branded private residences in Makati business district in the Philippine capital Manila.

Philippine Ambassador to Saudi Arabia, Ezzedin H. Tago, has further outlined the Philippines’ public-private partnership (PPP) programme under which a number of projects have been  set up to be developed in cooperation with foreign and local investors. He urged Saudi investors to participate in these projects.

In the past, the Saudi government contributed to infrastructure development in the Philippines, providing $20 million as soft loans for the development of various road projects in the Mindanao region. This was part of Saudi Arabia’s commitment of $100 million to Philippine development projects.

Bilateral trade between the Philippines and Saudi Arabia has been expanding in recent years. According to latest available Saudi government statistics, two-way trade rose to $3.6 billion in 2011 as compared to $2.7 billion in the previous year. In 2011, Saudi imports from the Philippines amounted to around $208 million while Saudi exports to the Philippines were valued at $3.4 billion.

In 2012, Saudi Arabia ranked 10th as the Philippines’ trading partner and 31st as export market. While the Philippines relies largely on Saudi Arabia’s oil and petroleum products, the Philippines is working to reduce the balance of trade by introducing more product exports to Saudi Arabia that include medium- to high-end garments, fresh and processed food including agriculture crops such as bananas, pineapple, mango and other staples, furniture of all types, leather goods and fashion accessories, jewelry, health and wellness products, as well as construction materials and industrial goods.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Reading Time: 2 minutes

The Philippines has been encouraging Saudi businesses to invest in the country and attend or participate in major trade fairs and exhibitions in the Philippines in the future, the Saudi Gazette wrote on June 12.

Reading Time: 2 minutes

saudi-women-walkingThe Philippines has been encouraging Saudi businesses to invest in the country and attend or participate in major trade fairs and exhibitions in the Philippines in the future, the Saudi Gazette wrote on June 12.

Investment could flow into projects in tourism, garment production, food processing and infrastructure, the paper said.

Saudi investors could build upon existing projects in the Philippines. In December 2012, Kingdom Hotel Investments, a wholly owned subsidiary of Kingdom Holding Company, through a joint investment with Ayala Land Inc., opened the 280-room Fairmont Hotel, a 32-suite Raffles Hotel and 237-room Raffles-branded private residences in Makati business district in the Philippine capital Manila.

Philippine Ambassador to Saudi Arabia, Ezzedin H. Tago, has further outlined the Philippines’ public-private partnership (PPP) programme under which a number of projects have been  set up to be developed in cooperation with foreign and local investors. He urged Saudi investors to participate in these projects.

In the past, the Saudi government contributed to infrastructure development in the Philippines, providing $20 million as soft loans for the development of various road projects in the Mindanao region. This was part of Saudi Arabia’s commitment of $100 million to Philippine development projects.

Bilateral trade between the Philippines and Saudi Arabia has been expanding in recent years. According to latest available Saudi government statistics, two-way trade rose to $3.6 billion in 2011 as compared to $2.7 billion in the previous year. In 2011, Saudi imports from the Philippines amounted to around $208 million while Saudi exports to the Philippines were valued at $3.4 billion.

In 2012, Saudi Arabia ranked 10th as the Philippines’ trading partner and 31st as export market. While the Philippines relies largely on Saudi Arabia’s oil and petroleum products, the Philippines is working to reduce the balance of trade by introducing more product exports to Saudi Arabia that include medium- to high-end garments, fresh and processed food including agriculture crops such as bananas, pineapple, mango and other staples, furniture of all types, leather goods and fashion accessories, jewelry, health and wellness products, as well as construction materials and industrial goods.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid