Cheyenne Suarez

Qatar-based firm commits at least $3 billion investment in PH

A general view taken on June 5, 2017 shows the corniche in Doha. 
Arab nations including Saudi Arabia and Egypt cut ties with Qatar, accusing it of supporting extremism, in the biggest diplomatic crisis to hit the region in years. Stringer, AFP

Article (news)

Andrea Taguines

ABS-CBN News

<div> </div>MANILA — Qatar-based JTA International Investment Holding on Tuesday committed to invest at least $3 billion in the Philippines, signaling interest in projects ranging from a Silicon Valley-like technology hub in Pampanga to new hotel developments in Cebu.During a press briefing in Taguig, JTA Holding Founder and CEO Amir Ali Salemi said the company is keen to help fund unique projects like the planned tech city in Pampanga.“Prestige is very important for branding and for any company. If you ask people in Dubai, they have Burj Khalifa, the tallest tower in the world. We want to have some unique projects in the Philippines, the first tech city in Asia. That’s very good,” he said.JTA is already in talks to partner up with Dennis Uy’s Converge ICT on this.“We had a meeting with Converge last night, with Mr. Dennis Uy, and they’re very interested to partner with JTA. The project cost is about $2 billion and JTA is willing to invest about 60 percent,” said JTA Holding Philippines Country Representative Juan Vito Genson.Salemi also expressed interest in investing about $1 billion in developing new hotels in Mactan, Cebu, after taking a recent trip there with PCCI officials.One of the possible projects is a five-star resort and condominium, while the other is a five-star hotel and casino.“It’s one of the tourism places in the Philippines, you have many tourists there. And I think investment in these two projects add value to Cebu and is very profitable for us also,” added Salemi.Additionally, JTA Holdings is also looking at investing roughly $300 million on a tertiary hospital outside of Metro Manila.PCCI President Emeritus Enunina Mangio said that based on the target timeframe of JTA Holdings, they want to be able to start a project by the last quarter of 2026, but Salemi said this will depend on how fast they can look for local partners for each undertaking.“For any project, we need co-investor or partner because we can (only) invest from 40 up to 60 percent. I cannot say how long we’ll need for this process because maybe we can find co-investor or partner in 1 month, 3 months or 6 months,” he said.According to Genson, another reason why having local partners is key is for the management side of the business.“Because they don’t manage, they just put in the money. We are just in the board but not in the day-to-day management and operation,” he explained.The PCCI said other firms and government agencies like the Department of Energy have also presented possible projects to JTA, but additional papers are needed before the Qatari company’s business development team can make a decision.“Like for example, the international port in Digos, Davao. And another one, the solar panel power projects presented by Department of Energy. Just this morning, our president discussed the possibility of them bidding or having a PPP (Public-Private Partnership) for an international airport in (General Santos) City,” shared Mangio.When asked why JTA Holdings is interested in coming to the Philippines despite recent economic slowdown, Salemi said: it’s the people.“I found many opportunities here to invest but the important thing, in your country, people are very very kind. It’s the main thing why I want to invest here, because I like your people,” he said.Salemi also expressed optimism that the Philippine economy will be able to bounce back soon.“We are from Middle East. In Middle East, we have many challenges but we know how we can work and investment, even with challenges. We don’t have any problem investing here because I know the Philippines is going up. I know and I’m sure we have many profit in your country,” he said.

The Qatari firm said it was interested in projects ranging from a Silicon Valley-like technology hub in Pampanga to new hotel developments in Cebu.

The Qatari firm said it was interested in projects ranging from a Silicon Valley-like technology hub in Pampanga to new hotel developments in Cebu.