Philippine officials announce $4.26 Billion investment agreements with Saudi entrepreneurs

Philippine Business Representatives Secure Over $4.26 Billion in Investment Agreements with Saudi Entrepreneurs.
The office of President Ferdinand Marcos Jr. announced that a business group from the Philippines finalized investment contracts totaling more than $4.26 billion with their Saudi counterparts. These deals were inked on Thursday during a summit between Southeast Asian and Gulf countries in Saudi Arabia, which President Marcos attended.

Saudi Arabia is a significant employment hub for Filipino professionals, with over a million individuals working in various roles, including construction, domestic assistance, and nursing.
Among the prominent deals, Saudi's Al Rushaid Petroleum Investment Co. and Samsung Engineering entered into a $120 million contract with the Philippines' EEI Corp to offer construction export services.

Furthermore, a substantial $3.7 billion human resources service agreement was confirmed between Al-Jeer Human Resources Company-ARCO and the Association of Philippine Licensed Agencies for the Kingdom of Saudi Arabia.

Saudi's Maharah Human Resources Co. also forged a $191 million partnership with the Philippine firms Staffhouse International Resources and E-GMP International Corp, focusing on human resource services.

The Saudi state media, SPA, highlighted the collaborative dialogue between the Saudi and Philippine teams. The talks encompassed energy, industry, Islamic financial services, and food security sectors. Another focal point was an accord centered on human resources, aiming to supply Saudi Arabia with a skilled Filipino workforce.