Philippines says over $4.26B investment deals agreed with Saudi business leaders

October 20, 2023 - 2:00 PM
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(Photo from the Philippine Communications Office)

 A Philippine business delegation has signed investment deals collectively worth more than $4.26 billion with Saudi business leaders, the office of President Ferdinand Marcos Jr said.

The agreements were signed on Thursday on the sidelines of a summit of Southeast Asian and Gulf nations in Saudi Arabia, attended by Marcos, it said in a statement.

The Gulf state is a major destination for overseas Filipino workers, with more than a million employed in construction or as domestic helpers or nurses.

Saudi’s Al Rushaid Petroleum Investment Co. and Samsung Engineering 028050.KS signed an agreement with Philippines‘ EEI Corp EEI.PS for construction export services worth $120 million, the statement said.

Al-Jeer Human Resources Company-ARCO signed with the Association of Philippine Licensed Agencies for the Kingdom of Saudi Arabia for a human resource services agreement worth $3.7 billion, it said.

Also signed was a $191 million deal between Saudi’s Maharah Human Resources Co. with the Philippines‘ Staffhouse International Resources and E-GMP International Corp for human resource services.

Saudi state news agency SPA reported the meeting of Saudi and Philippine delegations, noting discussions on energy, industry, Islamic financial services, and food security, as well as an agreement on human resources aimed at providing skilled labour to Saudi Arabia.

– Reporting by Enrico Dela Cruz; Editing by Martin Petty