Jafza to regenerate Philippines freeport

zoom

Salma Hareb, CEO Jafza and Economic Zones World with Armand Arreza, CEO Subic Bay Metropolitan Authority.

Jafza International has signed an agreement with Subic Bay Metropolitan Authority for the development and regeneration of Subic Bay Freeport in the Philippines.

The project, which is expected to receive around US$250 million of investment over the next three to five years, was confirmed during a contract signing with Salma Hareb, chief executive officer of Jafza and Economic Zones World, and Armand Arreza, chief executive officer of Subic Bay Metropolitan Authority.

"The strategic location of Subic Bay makes this freeport an ideal gateway into Asian markets, which is supported by the trade and economic policies of the Philippines," commented Hareb.

"This new agreement with Subic Bay Metropolitan Authority complements our agenda to establish beneficial alliances and expand operations to vital business destinations around the world, in addition to forming a truly international logistics network."

Subic Bay is the former Asian Pacific base of the United States Navy and has operated as a freeport since the mid 1990s. Jafza International's development plan involves the phased lease and consolidation of various areas within the Subic Bay Freeport, including an international airport, industrial technopark, residential area and worldclass wharf.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM