BUSINESS leaders in Saudi Arabia have expressed their intention to learn more about the Philippines’ Maharlika Investment Fund (MIF), Malacañang said.
In his opening remarks during the roundtable with President Ferdinand “Bongbong” Marcos Jr. and other Arab business leaders on Friday, Oct. 20, Saudi Ministry of Investment Minister Khalid Al-Falih stressed that Saudi investors are eager to learn from the Philippines’ finances being one of ASEAN’s most exciting markets.
Al-Falih said that Saudi’s business communities are particularly interested 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.
He added: “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.
l-Falih also praised the Philippine government’s 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.”
Meanwhile, Mulhan Albakree, executive general manager of Public Investment Fund of the Kingdom of Saudi Arabia, also expressed his interest in the MIF.
The Presidential Communications Office (PCO) also noted that Bandar Al Hamali, the CEO of Jada, was also interested with the MIF. Jada is one of Saudi Arabia’s biggest investment companies.
Marcos, for his part, urged Saudi businessmen to invest in the MIF for infrastructure projects as he is eyeing 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,” Marcos said.
The President added: “We look forward to benefiting not just from Saudi investments, but also from the Kingdom’s extensive experience in managing such funds.”
In a memorandum dated Oct. 12, Marcos directed the suspension of the enforcement of the implementing rules and regulations of the MIF “pending further study.”
Before leaving for Saudi Arabia on Oct. 19, the President clarified the MIF was not put on hold, saying the government is still working to have it operational within the year. (GMA Integrated News)
