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KSA investors interested in MIF
By Nidz Godino
“At forefront of these investment opportunities is recently launched MIF… we look forward to benefiting not just from Saudi investments, but also from Kingdom’s extensive experience in managing such funds,” President Ferdinand Marcos Jr.. said two of Saudi Arabia’s largest financial institutions have expressed interest in Maharlika Investment Fund (MIF).
Presidential Communications Office Secretary Cheloy Garafil said Philippines’ first sovereign wealth fund, companies are Public Investment Fund of Kingdom of Saudi Arabia, Saudi’s sovereign wealth fund, and Jada, one of kingdom’s biggest investment companies.
Public Investment Fund of KSA executive general manager Mulhan Albakree and Jada chief executive officer Bandar Al Hamali participated in roundtable meeting with FMJ, organized by Department of Trade and Industry and Saudi’s Ministry of Investment, at St. Regis Hotel.
FMJ, accompanied on his trip here by his economic managers, including Finance Secretary Benjamin Diokno and Trade Secretary Alfredo Pascual, hopes Philippines would learn from Saudi Arabia’s “extensive” experience in managing sovereign wealth funds.
In pitching for MIF, FMJ told Saudi business leaders sovereign fund was designed to drive long-term economic development through increased investments in high-impact sectors.
Diokno, at the meeting, also made pitch for Maharlika, assuring Saudi business leaders establishment of fund would proceed as scheduled.
“Maharlika aims to attract capital from both domestic and global equity investors, including large funds in Middle East seeking to diversify its portfolio in fast-growing emerging markets like Philippines,” Diokno said.
“Fund also presents exciting opportunities for green and blue investments, ESG-linked fixed-income instruments and cutting-edge technologies with advent of artificial intelligence and cloud computing,” he explained.
In statement, meanwhile, Speaker Martin Romualdez also noted “keen interest” expressed by Saudi business leaders in Maharlika Fund, after being invited by the President to invest in it.
“This invitation represents exciting opportunity for our nation, and I believe it will receive positive response from Saudi business community, it aligns perfectly with our vision of fostering international partnerships and diversifying our sources of investment for benefit of our people,” Romualdez said.
Saudi Ministry of Investment Minister Khalid Al-Falih has affirmed Saudi businessmen’s interest in MIF.
“I am pleased we are joined today by leaders and sector from Saudi Arabia eager to learn more about investment opportunities and one of ASEAN’s most exciting markets and learn more about newly launched Maharlika Investment Fund that you have launched under your administration,we want to connect you to key Saudi investors with impressive success stories to share and with desire to continue building with international presence by investing with partners across globe, Philippines being key one,” Al-Falih said.
Before departing for Riyadh, FMJ clarified MIF is “being improved” not put on hold to make it “as close to perfect and ideal as possible.”
He made clarification after issuing memorandum dated Oct. 12 through Executive Secretary Lucas Bersamin ordering “suspension of implementing rules and regulations” of Republic Act 11954 or Maharlika Investment Fund Act of 2023.
Diokno said MIF would be fully operational by end of year.
FMJ is in Riyadh for inaugural Association of Southeast Asian Nations-Gulf Cooperation Council Summit. FMJ first visit to Middle East as President.
Over $4.26 billion worth of investment deals were signed between Philippines and Saudi Arabia.
Development is seen to create thousands of jobs for Filipinos in construction industry and human resource services.
FMJ witnessed signing of $120-million agreement between Saudi’s Al Rushaid Petroleum Investment Co. and Samsung Engineering NEC Co. Ltd. and Filipino firm EEI Corp. for construction export services.
In remarks at roundtable meeting with Arab business leaders at St. Regis Hotel FMJ said agreements “are set to benefit more than 15,000 Filipinos in training and employment opportunities across wide range of professions in construction industry.”
Meanwhile, Department of Trade and Industry (DTI) also reported Saudi’s Al-Jeer Human Resources Co.-ARCO has signed with Association of Philippine Licensed Agencies for KSA $3.7-billion agreement for human resource services.
Saudi’s Maharah Human Resources Co. likewise has forged agreement worth $191 million each with the Philippines’ Staffhouse International Resources Corp. and E-GMP International Corp. for human resource services, DTI added.
$120-million business deal involves establishment of “500 percent capacity” training facility for Filipino workers in the fields of masonry, carpentry, electrical, welding, equipment management, warehousing, steel fabrication and other construction-related craft starting 2024.
Facility intends to train at least 2,000 Filipinos a year and more than 50,000 in next five years.
At roundtable discussion, Al-Falih told FMJ of his country’s interest in investing billions of dollars in Philippine finance, energy and petrochemicals, industry and logistics, tourism, real estate development, labor and agriculture.
Al-Falih added there would be significant demand for Filipino health care workers in the kingdom.
“For as much as kingdom attracts FDI ,foreign direct investment, we also wish to grow footprint for all outbound investment-friendly nations like Philippines,” he said.
FMJ said Philippines’ economic achievements in past year reflect sustained efforts of his administration to foster enabling business environment, cut red tape, lower cost of doing business and improve competitiveness.
“I assure you Philippine government is steadfast in its commitment to continuously support current and prospective Saudi investors,” FMJ added.
FMJ highlighted Philippines’ sustained economic growth and its “stable” and “positive” investment grades.
“Philippine economy continues its high growth trajectory…our economy has sustained its growth momentum, with gross domestic product at 7.6 percent in last year, fastest rate of growth recorded by Philippines since 1976, our financial and banking sectors are healthy and robust, and our credit rating continues to receive stable and positive investment grades,” FMJ said.
FMJ added country’s FDI reached $9.2 billion last year, driven by important reforms initiated by his administration to further open economy to foreign investments.
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