EEI Corporation, one of the country’s leading construction firms, expects new opportunities to open up for the company and Filipino workers in Saudi Arabia which has launched its Vision 2030 masterplan for economic growth.
Vision 2030 is Saudi Arabia’s masterplan to transform and diversify its economy by shifting away from its reliance on oil and focusing on other future growth industries.
By 2030, Saudi Arabia aims to achieve three main goals: move away from economic reliance on oil, uplift the lives of its people, and sustain its place on the global stage.
As Saudi Arabia continues to make progress on Vision 2030, EEI is keen to participate on the rise of potential civil, infrastructure, oil and gas business as well as employment opportunities for Filipinos.
“EEI would like to be present and help in the Vision 2030 endeavors of the Kingdom of Saudi Arabia ,” said EEI President and CEO Henry D. Antonio in a disclosure to the Philippine Stock Exchange (PSE).
He noted that, “Saudi is projected to make heavy investments towards construction projects like water systems, treatment facilities, roads, bridges and livable spaces to accommodate the growing needs of its population and the demands of its vibrant economy.”
As Saudi Arabia is also beefing up its transportation sector, Antonio said, “We are optimistic that EEI will be able to contribute to the infrastructure development of the Kingdom. EEI’s vast experience and reliability in projects with our international partners is further evidence of our excellence and readiness to undertake massive projects here and abroad.”
“While it is exciting for EEI to seek and work on prospects for various projects under Saudi’s Vision 2030 plans, one of the most fulfilling tasks we have at the company is in providing overseas work opportunities for Filipinos. The multiplier effect of Saudi’s grand plan can also mean a great demand for Filipino workforce that would ultimately benefit their families and loved ones,” Antonio added.
In the last quarter of 2023, EEI signed a memorandum of understanding (MOU) with Samsung Engineering NEC Co. Ltd. (SENEC) in Saudi Arabia to collaborate and work on projects in the country and to further expand overseas work opportunities for Filipinos.
Under the MOU, EEI and SENEC are committed to work together and mutually explore opportunities to fulfill the development objectives of Saudi Arabia including providing support through Filipino manpower mobilization to the country.
Both companies recognize the skills, tenacity, adaptability and resilience of Filipino overseas workers.
Labor skills in the fields of masonry, carpentry, electrical, welding, equipment management, warehousing, steel fabrication and other construction-related crafts are seen to fulfill manpower requirements for EEI's various projects not only in the Philippines but also overseas.
EEI has been present in Saudi Arabia since 1993 through Al Rushaid Construction Company Limited (ARCC), the joint venture company of Al Rushaid Petroleum Investment Corporation and EEI Limited, a wholly-owned subsidiary of EEI.
ARCC engages in general construction and has participated in various major developments in Saudi Arabia particularly in the construction of refineries and petrochemical plants, power and desalination plants, mining and industrial facilities.
As one of the largest Saudi-Filipino joint ventures in Saudi Arabia, ARCC has been instrumental in providing vast overseas employment opportunities for Filipinos over the last 30 years.
As of end-2023, ARCC employs 4,592 Filipinos among its 7,224 workforce and is set to add more with the new and potential prospects seen in Saudi Arabia’s Vision 2030 grand plan.