The office of Filipino President Ferdinand Marcos Jr. has announced that a Filipino business delegation has inked investment agreements worth over $4.26 billion with Saudi Arabian business leaders.
The agreements were signed on Thursday on the sidelines of a summit involving Southeast Asian nations and Gulf states in Saudi Arabia, attended by President Marcos.
Saudi Arabia is a major destination for Filipino labor, with over a million individuals working in sectors such as construction, nursing, and domestic help.
According to the statement, two companies, Rashid for Petroleum Investments and Samsung Engineering, have signed a $120 million agreement with the Filipino company E.E.I. for construction supplies export services.
Additionally, Arco for Human Resources has entered into a $3.7 billion deal with licensed Filipino recruitment agencies.
Furthermore, a $191 million deal was signed between Saudi Arabian company Maharah Human Resources and the Filipino firms Staffhouse International Resources and E.G.M.P. International for human resources services.
Saudi Arabian news agency reports indicate that the discussions between the Saudi and Filipino delegations covered energy, industry, Islamic financial services, and food security, alongside an agreement on human resources aiming to provide skilled labor to the kingdom.
These investment agreements mark a significant step in strengthening economic ties between the Philippines and Saudi Arabia, contributing to enhanced cooperation in various sectors.
