Kuwait firm to invest $3B in Clark project
CLARK FREEPORT—A company based in Kuwait has signified its commitment to pursue its $3-billion investment by renaming the logistics and business center it is developing in a 177-hectare land in this economic zone to honor the country’s amir.
In a dedication ceremony on Tuesday, the marker of Global Gateway Logistics City (GGLC) was changed to Sabah Al-Ahmad GGLC in honor of Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, the amir of Kuwait.
Sheikh Sabah, who arrived in the Philippines on March 23 for a five-day state visit, was scheduled to grace the ceremonies here but had to leave the country to attend an emergency meeting called by the Arab League.
He was represented here by Dr. Yousef Al-Zalzhala, his personal adviser.
In his speech, Al-Zalzhala, who was accompanied by Kuwaiti Ambassador to the Philippines Waleed Al-Kanderi, noted the strong bilateral relations between the two countries, as Kuwait is considered by some 130,000 Filipino workers as their second home.
“We are here today to show Kuwait’s commitment to support the Philippines in executing its goals, as presented in Kuwait and Gulf Link’s (KGL) efforts to transfer its industry expertise in infrastructure and logistics development to the people of the Philippines in partnership with the financial investment support from Kuwait,” Al-Zalzhala said.
KGL Group’s investment arm, KGL Investment Co. (KGLI), is the owner and developer of Sabah Al-Ahmad GGLC.
The firm has infused an initial $30 million into the project and is set to pour in more to complete the $3 billion in seven years.
The project features a 72-ha logistics park, a 57-ha business park, a 27-ha aero park, and a 21-ha town center for commercial and residential buildings.
It was conceived and presented to KGLI Co. in 2006 by Peregrine Development International Inc., an American company engaged in project development, engineering and construction.
KGLI accepted the project and signed a memorandum of agreement with Clark International Airport Corp. in April 2008.
The groundbreaking ceremonies, led by former President Gloria Macapagal-Arroyo, were held in August that year.
Al-Zalzhala said the project, which is set to be completed by 2017, would generate 200,000 jobs for Filipinos.
“Our efforts and contribution to the Philippine economy do not stop here. We have invested in the largest shipping company NN-ATS that is successfully servicing the market in passengers and cargo movement,” he said.
Al-Zalzhala said Kuwait’s direct investments in the Philippines have exceeded $75 million.
“Together with our partners from other countries whom we brought to co-invest with us, the aggregate amount of foreign investment that we have brought to the Philippines to date is close to $200 million,” he said.
