Monday, 7 April 2008

Kuwaiti investment in Clark could reach $1B

By Michelle Fe Santiago
Special to the Arab Times

KUWAIT CITY, April 6: The KGL Investment Company under the presence of Philippine President Gloria Macapagal Arroyo signed an agreement on Friday with the Clark International Airport Corporation (CIAC) for “The Port Fund” to develop a large mixed-use aviation oriented logistics complex on a 167-hectare site in the former US Military Base at Clark Field in Pampanga, Philippines. The signing ceremony held at the Clark Field Freeport Zone was attended by Chairman of Kuwait Gulf and Link (KGL) Group of Companies and KGL Investment Board Member Saeed Dashti, KGL Investment Company Vice-Chairman and Managing Director Marsha Lazareva, Peregrine President and CEO Dennis Wright and other business dignitaries.

“Our business plan calls for the development of a master plan for a mixed-use Logistics and Business Centre of Excellence which will be known as the Global Gateway Logistics City (GGLC),” disclosed Dashti. He cited that it will host business enterprises and operations focusing primarily on aviation and logistics related businesses encompassing warehousing, distribution, transportation, multi-nodal logistics and light manufacturing services alongside complementary business operations and facilities to support aviation-related activities within the Diosdado Macapagal International Airport’s (DMIA) Civil Aviation Complex.

Meanwhile, Lazareva, the signatory of the agreement, explained that the project will be developed into two phases. The first phase will be an immediate investment of $30 million by The Port Fund to develop the infrastructure including the roads, street lights, fencing, landscaping, sidewalks, utilities and access points. The second phase will be the development of logistics park with facilities and buildings amounting to over $1 billion in construction costs.

“We are excited about our first major logistics investment in the Philippines. We have been studying opportunities in the Philippines for sometime now and we believe that our partnership with CIAC and development of GGLC is the ideal investment, especially with the concomitant development of the DMIA and surrounding area. We continue to look for other investments in the Philippines to complement our global strategy,” she pointed out. KGL Group is a global leader with over 50 years experience in transportation, logistics, supply chain management and port operations in the Middle East including, Egypt, Kuwait, Jordan, Syria, Sudan and the UAE. On the other hand, KGL Investment Company was established in 2006 to leverage KGL’s expertise, brand, and international platform to take advantage of the growing private equity opportunities in the industry. The Port Fund was launched to invest in high potential, mid-sized port management and logistic related businesses in the world’s fastest growing markets

KGL Investment Company has selected Peregrine Development International to develop the project. Peregrine has extensive experience in Project Development, Program Management, Engineering, Construction, Operations, Maintenance and Logistics. Peregrine with offices in Kuwait, Iraq and the Philippines has a proven track record of developing large projects, incorporating the best in conceptual design, marketing, program management, project execution and logistics support to a broad range of clients throughout the World in both the public and private sectors. Peregrine has been one of the global companies promoting the Philippines to various companies in the Middle East. “We are very happy over this project as Peregrine played a central role in developing the conceptual design and engineering plans for the project over the past two years,” stated Wright.

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