7 Saudi Arabian firms plan to invest in PH

RIYADH, Saudi Arabi — Seven Saudi Arabian firms have signified their intention to invest in the Philippines.

The companies submitted their letters of intent (LOIs) to Charito Plaza, the director-general of the Philippine Economic Zone Authority (Peza), during meetings held at the Saudi Trade and Convention Center here until Wednesday.

The LOIs were signed by the following:

• Sheikh Alwaleed Tuwaijri of the Saudi Investment Group
• Mohamad Abdullah Albesher ofnthe Bashe’er Addawa Trading Company
• Faud Abdulrahman Al-Rasheed of Future Formation Holdings
• Sultan Z. Al-Hussain of the Zaid Al-Hussain and Brothers Group
• Amir M. Q. Siddiqui of Advanced Electronic Systems International Business Development
• Abdul Aziz Abdullah Abanmi of Eradh and Reyadhx Development and Commercial Investment
• Mortaz G. Hawary of the Arabian Bugshan Group.

In a speech delivered before Arab businessmen here on Wednesday, President Rodrigo Duterte made assurances that there would be corruption-free deals with the government.

“There is no corruption now in my administration,” he said. “We make it easy for you to do business in the Philippines.”

Duterte said that, if more Saudi investors come to the Philippines, the government could give them “the best place to go about earning.”

“Business is business, and anytime that you feel that there is a promise of business in my country, feel free,” he said. “We give you the best incentives and the best environment that we can offer for you… Maybe, through our Cabinet members and secretaries, we can just select what type of investments that you may want to introduce into my country and would really be available.” /atm