Saudi Prince to invest in the Philippines

Below is a good news for those who are in the tourism industry, it means possibility of more jobs to become available in the near future. However a big chunk of Filipino hoteliers, teacher turned hoteliers, police turned hoteliers, bankers turned hoteliers, secretary turned hoteliers and HRM professionals are in the middle east particularly in Dubai.

Tourism eyes investment from world’s richest people.

By Katrina Mennen A. Valdez, Researcher-The Manila Times

Two of the world’s richest people have shown interest in investing in the Philippine tourism industry.
One of the prospected investors is China’s hotel and property giant Shimao Group owned by Xu Rongmao, the second richest man in China who was reported to be interested in putting up a world-class hotel facility here that will include residential and commercial complex.

Another group the government courts is a company owned by the richest man in the Middle East and the eight richest in the world. The group is led by Al-Waleed Bin Talal, who bought the Four Seasons hotel together with Microsoft chairman Bill Gates and operates 31 high-end hotels in 31 countries.

This development is part of the government’s grand ambition to attract one business trophy equivalent to $1-billion worth of a single investment this year to be followed by two next year and two more in 2009.

The President’s economic team made the commitment during a Business Forum held at the Shangri-La Hotel in Makati City this week.

The Philippine Chamber of Commerce and Industry president, Samie Lim, said earlier the Shimao Group is interested in building one 5-star hotel in Metro Manila and is looking into an area in the Central Visayas, particularly Bohol, for a possible resort project.

Su Rongma came to the Philippines as a member of the Chinese Business Team that visited the country two weeks ago. Lim said he has talked to Shimao Group chairman Hui Wing Mau who confirmed the company’s plan in investing in the Philippines.
When the talks become final, Lim said he would recommend the property group owned by business tycoon Lucio Tan to be the Chinese group’s local partner.

But Trade and Industry Secretary Peter B. Favila declined to confirm if the two groups are among the major investors that the government is eyeing for its “trophy business.”

Favila merely said the national government is now courting trophy investments that can infuse a minimum of $1 billion to sustain the country’s economic growth.