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04 June 2023

Abraj eyes $3.5bn Philippines deal

By Agencies

Kuwait-based investment firm Abraj Holding Co said on Sunday it was in final talks on a $3.5-billion (Dh12.9bn) services contract in the Philippines, but gave no details.

A group led by Abraj had agreed to build an economic city in the Philippines, including a $1.3-billion (Dh4.8bn) airport, Al Qabas daily reported on Sunday, without giving a source.

Abraj gave no further details of the investment in a statement on the bourse Web site.

Kuwaiti firms including logistics provider Agility plan to invest more than $10 billion (Dh36.7bn) in infrastructure projects in the Philippines, Abraj said on January 15.

The firms would build airports, ports, railways, power stations and telecommunications, it had said.  (Reuters)