KUWAITI FIRM'S $1 BILLION CLARK PROJECT TO EMPLOY 35,000
MANILA, AUGUST 26, 2008 (MALAYA) By GENIVI FACTAO - The $1.025 billion mixed-use logistics complex of Kuwait Gulf and Links (KGL) at the Clark civil aviation complex will employ as many as 35,000 bigger than Hanjin’s shipyard’s workers of 25,000 in Subic Freeport.
KGL with local partner Peregrine Development International, will first invest $25 million for the Global Gateway Logistics City (GGLC), building roads, lights, fence, landscape, sidewalks, utilities, and access points.
The $1 billion will be used for the second stage, building the main facilities and buildings.
The construction of the project will take at least 2 years and the construction of the facilities and buildings has the timeframe of 7 years.
Once completed, the GGLC will provide logistics-dependent businesses with warehousing, distribution, multi-nodal logistics, and light manufacturing services alongside complementary business operations and facilities to support aviation-related activities within the Diosdado Macapagal International Airport (DMIA)’s Civil Aviation Complex.
KGL President Mark E. Williams said "CIAC is very proactive in terms of business and were looking forward to bringing other Kuwaiti and other Middle Eastern businesses at DMIA and the Philippines."
The project located at the 2,500-hectare aviation complex had its agreement signed last July 16, between Clark International Airport Corp. (CIAC) and KGL.
Williams also said the establishment of the GGLC located at the Industrial Estate Five "will have a significant multiplier effect to the surrounding communities of Clark and to the Philippines."
The government said the progressive economic reforms and policies, generous tax incentives and simplified investment procedures have created a climate highly favorable to foreign investments.
It also cites the strategic location of the Philippines at the heart of Asia’s eastern gateway, placing it within the immediate reach of the Chinese, Koreans, Japanese and other Association of Southeast Asian Nations (ASEAN) markets and is easily accessible to America , Europe and the Middle East.
KGL investment company is an international alternative investment firm engaged in private equity; venture capital and investment banking and with over 50 years of experience in transportation, logistics, stevedoring, passenger transport, warehousing, supply chain management and port operations.
KGL’s current operations include Kuwait, United Arab Emirates, Jordan, Tunisia, Oman, Namibia, Morroco, Pakistan, Germany, Ireland, Cayman, Mauritius and Egypt.
"The Global Gateway Logistics City will become a sterling investment of beacon and progress," President Arroyo said in her speech during the groundbreaking yesterday.
For his part, CIAC President Victor Jose I. Luciano also welcomed the new investment for the DMIA complex as this would enhance the development of the airport.
Luciano also expressed his gratitude to the Kuwaiti investors as well as the Kuwaiti Royal Family for putting a billion-dollar investment project that would create economic opportunities and employment generation in the area.
Chief News Editor: Sol Jose Vanzi
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