Manila targets Saudi tourism investment
The Philippines is taking steps to attract investments from Saudi Arabia into infrastructure in the country, especially in tourism, on the initiative of Philippine Ambassador in Saudi Arabia, Ezzedin H. Tago, Arabnews reported.
Tago was part of a presentation held by Philippines business delegates at the Asharqia Chamber of Commerce & Industry in Dammam, Saudi Arabia. He invited Saudi businessmen to consider investments in hotels, motels, resorts and recreational facilities in the Philippines.
In particular, the delegation was highlighting tourism destinations in Boracay and Palawan.
“Although we have a lot of world-class tourist attractions, the number of tourists from Saudi Arabia has not reached satisfactory levels,” Tago said, adding that nearly 30,000 Saudi tourists traveled to the Philippines in 2012. Overall, the country attracted more than 4.2 million visitors last year.
In comparison within Southeast Asia, Malaysia received 24.5 million tourists in 2012, Thailand 22 million and Singapore 14.5 million, representing the top 3 tourism destinations in ASEAN.
The ambassador outlined his government’s public-private partnership programme under which a number of projects have been planned to be developed in cooperation with foreign and local investors. He urged Saudi investors to participate in these projects. In January 2013, four major infrastructure projects under the PPP program have already been approved. The projects concerns roads and railways, communications and a gas pipeline.
Saudi Arabia has already been contributing to infrastructure development in the Philippines. The country has provided $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.
According to latest available Saudi government statistics, two-way trade rose to $3.6 billion in 2011 as opposed 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.
[caption id="attachment_7484" align="alignleft" width="211"] The Philippines not only wants to attract Saudi tourism investment, but also Saudi tourists to enjoy the country.[/caption] The Philippines is taking steps to attract investments from Saudi Arabia into infrastructure in the country, especially in tourism, on the initiative of Philippine Ambassador in Saudi Arabia, Ezzedin H. Tago, Arabnews reported. Tago was part of a presentation held by Philippines business delegates at the Asharqia Chamber of Commerce & Industry in Dammam, Saudi Arabia. He invited Saudi businessmen to consider investments in hotels, motels, resorts and recreational facilities in the Philippines. In particular, the delegation was highlighting...
The Philippines is taking steps to attract investments from Saudi Arabia into infrastructure in the country, especially in tourism, on the initiative of Philippine Ambassador in Saudi Arabia, Ezzedin H. Tago, Arabnews reported.
Tago was part of a presentation held by Philippines business delegates at the Asharqia Chamber of Commerce & Industry in Dammam, Saudi Arabia. He invited Saudi businessmen to consider investments in hotels, motels, resorts and recreational facilities in the Philippines.
In particular, the delegation was highlighting tourism destinations in Boracay and Palawan.
“Although we have a lot of world-class tourist attractions, the number of tourists from Saudi Arabia has not reached satisfactory levels,” Tago said, adding that nearly 30,000 Saudi tourists traveled to the Philippines in 2012. Overall, the country attracted more than 4.2 million visitors last year.
In comparison within Southeast Asia, Malaysia received 24.5 million tourists in 2012, Thailand 22 million and Singapore 14.5 million, representing the top 3 tourism destinations in ASEAN.
The ambassador outlined his government’s public-private partnership programme under which a number of projects have been planned to be developed in cooperation with foreign and local investors. He urged Saudi investors to participate in these projects. In January 2013, four major infrastructure projects under the PPP program have already been approved. The projects concerns roads and railways, communications and a gas pipeline.
Saudi Arabia has already been contributing to infrastructure development in the Philippines. The country has provided $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.
According to latest available Saudi government statistics, two-way trade rose to $3.6 billion in 2011 as opposed 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.
