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Mon 3 Mar 2008 06:26 PM

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Jafza to regenerate Philippines freeport

Jafza International has signed an agreement to develop and regenerate of Subic Bay Freeport in the Philippines.

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.

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