Two of Saudi Arabia’s largest financial institutions, Public Investment Fund of the Kingdom of Saudi Arabia, Saudi’s sovereign wealth fund, and Jada have expressed interest in the Maharlika Investment Fund (MIF), the Philippines’ first sovereign wealth fund, Presidential Communications Office Secretary Cheloy Garafil
Public Investment Fund of the Kingdom of Saudi Arabia executive general manager Mulhan Albakree and Jada chief executive officer Bandar Al Hamali participated in the roundtable meeting with President Marcos, organized by the Department of Trade and Industry and Saudi’s Ministry of Investment, at the St. Regis Hotel during PBBM’s visit last October in Riyadh.
Marcos, accompanied on his trip here by his economic managers, including Finance Secretary Benjamin Diokno and Trade Secretary Alfredo Pascual, said he hopes the Philippines would learn from Saudi Arabia’s “extensive” experience in managing sovereign wealth funds.
In pitching for the MIF, the President told Saudi business leaders that the sovereign fund was designed to drive long-term economic development through increased investments in high-impact sectors.
Diokno, at the meeting, also made a pitch for Maharlika, assuring Saudi business leaders that the establishment of the fund would proceed as scheduled.
Saudi Ministry of Investment Minister Khalid Al-Falih has affirmed Saudi businessmen’s interest in the MIF.
“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 said.
Diokno said the MIF would be fully operational by the end of the year.
Marcos visit in Riyadh last October was because of the inaugural Association of Southeast Asian Nations-Gulf Cooperation Council Summit. This is Marcos’ first visit to the Middle East as President.
With additional report: The Philippine Star, Louise Maureen Simeon and Sheila Crisostomo
