Philippines says over $4.26 bln investment deals agreed with Saudi business leaders (updated)

Samsung E&A Co

20/10/2023 06:07

(Adds background and details of deals from paragraphs 2
onwards)
       MANILA, Oct 20 (Reuters) - 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)
 ((enrico.delacruz@thomsonreuters.com))