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Manila Bulletin devider Philippines devider National devider Saudi Arabian business leaders interested in Maharlika Fund—Palace

Saudi Arabian business leaders interested in Maharlika Fund—Palace

Published Oct 20, 2023 08:10 am

Business leaders in Saudi Arabia have signified their intention to learn more on the Maharlika Investment Fund (MIF), Malacañang said.

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President Ferdinand 'Bongbong' Marcos Jr. meets with Saudi Arabian business leaders in Riyadh on Oct. 19, 2023. (Photo courtesy of Malacañang)

During a meeting with President Marcos and business leaders from the Philippines and Saudi Arabia, Saudi Ministry of Investment Minister Khalid Al-Falih said that Saudi investors are eager to learn from the Philippines’ finances, particularly about the MIF.

“We want to connect you to key Saudi investors with impressive success stories to share and with the desire to continue building with international presence by investing with partners across the globe, the Philippines being a key one,” Al-Falih said.

“I am pleased that we are joined today by leaders and the sector from Saudi Arabia who are eager to learn more about the investment opportunities and one of ASEAN’s most exciting markets and learn more about the newly-launched Maharlika Investment Fund that you have launched under your administration,” he added.

Al-Falih also lauded the Philippines for its efforts to make the country a cashless society by 2030 and for mobile finances as he emphasized that the Saudi government can impart knowledge to their “highly successful banking sector.”

According to Malacañang, during the roundtable discussion held on Thursday, Oct. 19, Executive General Manager of Public Investment Fund of the Kingdom of Saudi Arabia Mulhan Albakree expressed his interest in the Philippines' first-ever investment fund.

Bandar Al Hamali, the CEO of Jada, one of Saudi Arabia’s biggest investment companies, also expressed interest in the MIF.

Marcos presented the MIF to Saudi businessmen upon arriving in the Gulf country on Thursday. He urged them to take the opportunity and invest in the MIF for infrastructure projects as he looks forward to benefit not only from Saudi’s investments but also to learn from its extensive experience in financial management.

“At the forefront of these opportunities is the recently launched Maharlika Investment Fund, the Philippines’ first-ever sovereign investment fund designed to drive long-term economic development through increased investments in high-impact sectors,” the President said.

“We look forward to benefiting not just from Saudi investments, but also from the Kingdom’s extensive experience in managing such funds,” he added.

Marcos is in Riyadh to attend the first ASEAN-Gulf Cooperation Council (GCC) Summit.

READ MORE: Marcos presents Maharlika Fund to Saudi Arabia business leaders

Related Tags

Maharlika Investment Fund ASEAN-GCC Summit Saudi Arabia President Marcos
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