Pres. Duterte bags USD925-M prospective investments from Middle East trip

President Rodrigo Duterte and his delegation bagged some USD925 million, or about Php 46 billion worth of prospective investments during their trip to the Middle East during Holy Week. (Photo: TOTO LOZANO/Presidential Photo)

MANILA—President Rodrigo Duterte and his delegation bagged some USD925 million, or about Php 46 billion worth of prospective investments during their trip to the Middle East during Holy Week.

According to Trade Secretary Ramon Lopez, these investments are expected to generate some 26,000 jobs.

Here’s the list of potential investments from the recent trip of President Duterte in Saudi Arabia, Bahrain, and Qatar:

• Saudi Arabia

–Value: USD469 million

–Number of projects: Seven

–Potential job creation: 16,000 new jobs

–Sectors: Pharmaceutical, medical tourism, property development, ports warehouses, agri-industrial economic zone, tourism (upscale-dining chains), and halal food processing

• Bahrain

–Value: USD250 million, which is signed between AMA Group Holdings Corp. and Nader & Ebrahim Sons of Hassan Company W.L.L.

–Project: Expanding 10,000 hectares of agricultural land in Davao in the next three to five years.

–Potential job creation: 3,500 to 40,000 new jobs in three to five years

–Contribution to exports: Increasing exports of banana, pineapple, monggo (mung bean), and lentils to 560 metric tons per year with value of USD280 million.

• Qatar

–Value: USD206 million

–Number of projects: 13

–Potential job creation: 5,770 new jobs

–Sectors: Retirement village (in Romblon, Cebu, or Davao), information and technology economic zone, medical tourism, poultry, halal food processing, digital marketing, manufacturing of coco fiber in South Cotabato, manufacturing and export of nanostructured carbon, and agro-industrial economic zone in Palawan

On top of these business-to-business agreements, the Philippine delegation bagged a USD1.0-billion Investment Protection and Promotion Agreement (IPPA) with Qatar.

The IPPA will facilitate the USD1.0 billion sovereign investment fund from Qatar to developmental projects in Mindanao, particularly in areas of agriculture and infrastructure.