Saudi investors target island resort and tap trade potentials in Philippines

Saudi Arabia investors are interested in the rich marine resources in central Philippines and trade potentials with the southern region of Mindanao, according to local media reports.

President Gloria Macapagal Arroyo announced Saturday that the Saudi Arabian royal family will jointly develop an island resort with a local business group with an investment of 150 million U.S. dollars in Panglao Island of Bohol, central Philippines, reported the official Philippine News Agency.

Arroyo said the royal family will undertake this venture through its Riyadh-based Kingdom Holdings Company under Prince Alwaleed Bin Talal Bin Abdulaziz who is in charge of investing his kin's fortune and who is considered as the world's fourth richest man.

The prince entered into a partnership with Filipino real estate group Ayala Land Inc. for this project, she said.

Bohol is one of the country's best eco-tourism regions and is becoming world-famous for its diving sites. An international team of scientists confirmed in 2005 the richness of its marine biodiversity, as they were able to source from waters off the island hundreds of species which are either endemic to the place, rare or thought to be extinct already.

Local television network GMANews also quoted Philippine Ambassador to Saudi Arabia Antonio Villamor as saying on Friday Saudi businessmen are beginning to realize the investment potentials of resource-rich Mindanao.

An economic forum on Mindanao held Friday in Riyadh served as a large gathering of Filipino expatriates from Mindanao and Saudi businessmen at the sponsorship of Arab News daily in Riyadh, the Arab National Bank and Qatar Airways, said the report.

Villamor said at the forum a modest beginning had already been made with import of bananas from Mindanao to Saudi Arabia, while the possibility of sourcing mangoes, rattan and wooden furniture from there is being explored by Saudi companies.

He appealed to the 1.2 million overseas Filipino workers in Saudi Arabia to buy home products because of the total 2.22 billion U.S. dollar bilateral trade, Philippines exports 39 million U.S. dollars worth of goods to Saudi Arabia only.

Source: Xinhua