(The Philippine Star) | Updated August 18,
2014 - 12:00am
MANILA, Philippines - Global Gateway
Development Corp. (GGDC) has reiterated its commitment to accelerate the development
of a $3-billion logistics city at Clark Freeport Zone in Pampanga province.
“We are committed to the development
of Clark. We are here to aggressively
pursue the development of Sabah Al-Ahmad Global Gateway Logistics City (GGLC),”
GGDC said in a statement.
GGDC was originally founded by The
Port Fund, a private equity fund managed by KGL Investment Company (KGLI). KGLI is a private equity investment company
focusing on development and investments in infrastructure, logistics and
transport, oil and gas, energy and power and other diversified sectors in the
Middle East, Asia and emerging markets.
KGLI’s main managed investments in the
Philippines have been Sabah Al-Ahmad Global Gateway Logistics City and an
interest in the 2GO Group and Negros Navigation. KGLI, which has managed investments in the
Philippines since mid-2008, has established management teams based in both
Metro Manila and in Clark.
GGDC said it has invested over $100
million in the project to date with another $150 million in planned investments
by the end of 2015. GGDC’s investments
to date include the development of world-class horizontal infrastructure,
including over 30 hectares of fully developed lot inventory and
the pre-leasing of
a world-class 20,000 sqm
hospital (which is currently over 95
-percent complete) to The Medical City,
a leading Philippine and regional healthcare operator.
GGDC said it also expects to finish,
by the end of 2015, five office towers with a gross floor area of 145,000
square meters, retail and gas plaza and a hotel and serviced apartment
complex. These complexes will great
employment opportunities for over 15,000 Filipinos from the region.
Business ( Article MRec ), pagematch:
1, sectionmatch: 1
The whole GGLC project will entail
investment of over $3 billion in new facilities, providing direct employment to
more than 3,000 construction and trade workers at the peak of the project’s
development.
Once completed, the project will
generate employment opportunities to over 300,000 workers with $600 million in
annual payroll for entry-level employees alone.
In 2012, Sheikh Sabah Al-Ahmad, the
Amir of Kuwait, visited the Philippines and the Clark project was renamed the
Sabah Al-Ahmad Global Gateway Logistics City in honor of the Amir.
KGL Investment Co. Asia, a
wholly-owned subsidiary of KGLI, has also been involved in humanitarian
activities in the Philippines.
KGLI Asia CEO Mark Williams said the
company and the Port Fund, whose investments in the Philippines included Sabah
Al-Ahmad Global Gateway Logistics City and an investment in the 2GO Group,
committed and funded over US$1 million in buildings, goods and services for
disaster relief and rebuilding efforts in communities affected by typhoon
Yolanda last year.
____________________________________________________________
