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FINANCIAL NEWS
Saudi Arabia to sign deal worth USD469.34m of Philippine projects
15 Apr 2017
(MENAFN) Sources said that Philippine’s president Rodrigo Duterte had signed a memorandum of understanding (MOU) in Saudi Arabia for 7 projects worth USD469.34m, which is expected to generate 15,950 in several areas managed by the Philippine Economic Zone Authority (PEZA).
According to the owner of Small Investment Group, he promised to invest USD133.34m in projects to establish academy, hotel and medical center in a tourism complex, that will generate 6,650 workers.
However, Duterte was in a visit to Saudi Arabia from April 10 to 12, also he went to Bahrain on April 12 and was expected to be there until April 14, as he will be in Qatar from April 14 to 16.
On the other hand, President of Future Formation Holdings (FFH), pledged a USD100m projects for the development of logistics facilities, ports, power generation, and warehouses, all of which will generate 5,000 jobs.
MENAFN1504201700450000ID1095393231
MENAFN1504201700450000ID1095393231
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