[ Published by :ManilaStandard Today ] January 29, 2008
PRESIDENT Arroyo arrives today bringing investments from Dubai World, one of the biggest conglomerates in the world.
The President yesterday announced that the company, a holding firm that manages a portfolio of businesses for the Dubai government, will build a resort, a port operation in Cebu, and an industrial park on a 42-hectare property in the Subic Bay Freeport.
Dubai World has holdings in international companies that provide a wide range of services including transport and logistics, free zone development, maritime services, property development, financial services, and hospitality and leisure.
Its hotel and leisure arm, Kerzner, will build a resort in an as yet undisclosed location, the Palace said. The company owns a dozen luxury hotels and beach resorts, including Atlantis on Paradise Islands in the Bahamas.
DP World, the terminal and port-handling arm of Dubai World, already operates in Manila and is one of the biggest taxpayers in the city. Trade Secretary Peter Favila said DP World, which manages 42 terminals in 22 countries, would send a team to the Philippines to open port operations in Cebu as well.
Meanwhile, the Jebel Ali Free Zone Authority has agreed to develop an industrial park in Subic.
Presidential Spokesman Ignacio Bunye said the agreement with the Philippines would further enhance trade, investments and other commerce through the company’s network.
The company’s executive vice president, Noel Gulliver, said the agreement called for comprehensive planning and development of the 42-hectare property inside the Subic Bay Freeport.
“We will also help out in the marketing and promote to locators to set up shop inside the [zone],” Gulliver said. Roy Pelovello
Source : manilastandardtoday.com
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