The Philippines can expect fresh investments from three major Saudi Arabia-based firms, which include the oil-rich kingdom’s leading plant construction and maintenance company and largest financial institution following the assurances made by the Arabian investors to President Arroyo.

Quoting Trade Secretary Peter Favila, Deputy Presidential Spokesperson Lorelei Fajardo said representatives from Al-Zuwaidi, Al-Zamil and Rawabi Group of Companies are interested in pouring in resources in the country as they are exploring the possibility of developing “mutual growth in investments” between Saudi Arabia and Philippines.

Favila was with the President when the three business executives of the Al Khobar-based firms paid courtesy call on the President on Monday afternoon (Saudi time) at her Presidential Suite at the Gulf Royal Palace in Al Khobar province.

Fajardo said during the meeting that the three Saudi conglomerates also expressed willingness to open their doors to Filipino workers, whom they said are “hardworking, very loyal, and very sincere.”

She said Jassim Mohammed Al-Suwaidi, group chairman and chief executive officer of the Al-Zuwaidi Group of Companies who made the first courtesy call on the President , told Mrs. Arroyo that there is a “greater demand” for manpower in the kingdom, where there are about 1.5 million Filipinos.

In a statement, Favila noted that the Al-Suwaidi group has encouraged the Philippine government to fast-track the training of Filipino workers and expand the training facilities While, Sheikh Abdulaziz Al-Turki of the Rawabi Group of Companies and Sheikh Hamad Al-Zamil of the Al-Zamil Group of Companies are eyeing to engage in a “two-way” investments with the Philippines.

“The Rawabi and Al-Zamil Group of Companies have proposed a joint investment committee essentially to sit down and to work out what particular business activities that they can look into. The interest would range anywhere from manufacturing all the way down to agriculture,” Fajardo told in a press briefing.

Both companies also offered to provide scholarships for the Filipino workers based in KSA, she added.

The President also met with Sheikh Rashed Abdullah Al-Suwaiket, managing director of the Al-Suwaitket Group of Companies that is into oil, gas, high profile industrial projects; Sheikh Abdulmohsen Al-Moushegah, chairman of the Al- Moushegah Group of Companies which is one the top construction and engineering companies in the region; and Hussain Al Al-Saif, chairman and CEO of the Jussain Ali Al-Saif and Sons Group of Companies that is engaged in oil and petrochemical projects.

Meanwhile, Presidential Economic Spokesman Gary Olivar said the Philippines can also expect agriculture investments to come in as the Department of Agriculture (DA) is set to host an agriculture investments mission in November.

DA Secretary Arthur Yap met with his counterpart, Sheikh Mohammed Al Rajhi, the overall coordinator of the Far East Agriculture Company (FEAC) who agreed with him to visit the Philippines to invest in product and trading joint ventures.