During President Ferdinand Marcos Jr.’s visit to Saudi Arabia, the Philippines has successfully secured investment deals worth approximately $4.26 billion, with the potential to create nearly 300,000 job opportunities for Filipinos by 2030.
The significant agreements were inked during a roundtable meeting between President Marcos and Saudi business leaders. The most prominent of these deals, valued at $3.7 billion, was forged between Al-Jeer Human Resources Company (ARCO) and the Association of Philippine Licensed Agencies for the Kingdom of Saudi Arabia. This partnership aims to collaborate on investments that will employ Filipino workers in the Kingdom, aligning with Saudi Arabia’s Vision 2030. It is anticipated to generate over 200,000 jobs, addressing the Kingdom’s labor market demands.
Another agreement signed during the meeting was between Al Rushaid Petroleum Investment Company & Samsung Engineering NEC Co. Ltd., alongside Filipino firm EEI Corporation, with a total value of $120 million. This agreement paves the way for the establishment of a 500-person training facility in Tanza, Cavite, Philippines, focusing on enhancing the skills of Filipino laborers in various construction-related crafts. The initiative is set to train a minimum of 2,000 Filipinos beginning in 2024, with the goal of exceeding 15,000 trainees over the next five years.
Additionally, two separate agreements were signed between Maharah Human Resources Company of Saudi Arabia and Filipino firms Staffhouse International Resources Corporation and E-GMP International Corporation, each estimated at $191 million. Both agreements intend to facilitate the employment of 10,000 Filipino workers in the Kingdom annually until 2030.
President Marcos, during the roundtable meeting, announced that $120 million worth of agreements between the Philippines and Saudi Arabia would be established, although specific details about these deals were not disclosed.
