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Marcos secures $4.26B business deals in Saudi Arabia

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(UPDATE) RIYADH: The Philippines has secured around $4.26 billion worth of investment deals during President Ferdinand Marcos Jr.'s visit to Saudi Arabia that are expected to generate nearly 300,00 jobs for Filipinos up to 2030.

The four agreements between Saudi firms and Filipino companies were signed during Marcos' roundtable meeting with Saudi business leaders Thursday afternoon here.Topping the four agreements is the $3.7 billion deal between Al-Jeer Human Resources Company and Association of Philippine Licensed Agencies for the Kingdom of Saudi Arabia to cooperate in terms of investments that would employ Filipino workforce in the Kingdom, according to the Department of Trade and Industry .

, and Filipino firm EEI Corporation valued at $120 million for the establishment of a 500-person training facility in the Tanza, Cavite, Philippines.Meant to upgrade Filipino labor skills in masonry, carpentry, electrical, welding, equipment management, warehousing, steel fabrication, and other construction-related crafts, the deal aims to train at least 2,000 Filipinos starting in 2024 and more than 15,000 in the next five years.

 

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