A Kuwaiti company is sinking in $3 billion over a period of seven years in a 177-hectare project in Clark freeport, two hours from the Philippine capital Manila.
Last week the marker of Global Gateway Logistics City (GGLC) was renamed Sabah Al-Ahmad GGLC in honor of Kuwait amir, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah. Sheikh Sabah was recently in the Philippines to grace the dedication ceremonies here but had to leave early to attend an emergency Arab League meeting. His personal adviser Dr. Yousef Al-Zalzhala represented him at the ceremony.
“We are here today to show Kuwait’s commitment to support the Philippines in executing its goals, as presented in Kuwait and Gulf Link’s (KGL) efforts to transfer its industry expertise in infrastructure and logistics development to the people of the Philippines in partnership with the financial investment support from Kuwait,” Al-Zalzhala said in his speech.
KGL Investment Co owns Sabah Al-Ahmad GGLC.
The Clark project, on which an initial $30 million has already been spent, features a 72-hectare logistics park, 57-hectare business park, a 27- hectare aero park, and a 21- hectare town center for commercial and residential buildings.
The project will be completed by 2017 and generate 200,000 jobs.
“Our efforts and contribution to the Philippine economy do not stop here. We have invested in the largest shipping company NN-ATS (Negros Navigation-Aboitiz Transport System) that is successfully servicing the market in passengers and cargo movement,” he said.
“Together with our partners from other countries whom we brought to co-invest with us, the aggregate amount of foreign investment that we have brought to the Philippines to date is close to $200 million,” Al-Zalzhala said.
Photo from http://www.bcda.gov.ph/freeport_and_ecozones
