Construction firm EEI Corp. is infusing additional P1.46 billion in its wholly-owned subsidiary EEI Ltd. as the former prepares undertake more massive projects in Saudi Arabia.
EEI said in a disclosure to the stock exchange Friday it is interested in participating in Saudi Arabia’s Vision 2030, which plans to transform and diversify its economy by shifting away from its reliance on oil and focusing on other future growth industries.
EEI said it would look for opportunities to participate in potential civil, infrastructure, oil and gas business as well as employment opportunities for Filipinos in Saudi Arabia.
“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,” EEI president and chief executive Henry Antonio said.
“Saudi is also beefing up its transportation sector and we are optimistic that EEI will be able to contribute to the infrastructure development of the Kingdom.,” he said.
The company said Saudi’s Vision 2030 offers prospects for various projects for the company and would also provide 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 said.
EEI signed a memorandum of understanding (MOU) with Samsung Engineering NEC Co. Ltd. (SENEC) in Saudi Arabia in the fourth quarter of 2023 to collaborate and work on projects in the country and to further expand overseas work opportunities for Filipinos.
Under the agreement, both parties are committed to working together and mutually exploring opportunities to fulfill the development objectives of Saudi Arabia including providing support through Filipino manpower mobilization to the country.
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.
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.
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.