Jafza Int’l, signs MOU on development of Subic Bay Freeport in Philippines
The global economic zone operations arm of Economic Zones World today (Sunday, January 27, 2008) signed an agreement with Subic Bay Metropolitan Authority (SBMA) for the development and regeneration of Subic Bay Freeport in the Philippines.
he signing, which took place during the official visit of President Gloria Macapagal Arroyo of Philippines to the UAE, marks the enhanced two-
way trade between the UAE and Philippines. Mrs. Salma Hareb, CEO Jafza and Economic Zones World signed the MOU with Mr. Armand Arreza, Administrator and CEO, Subic Bay Metropolitan Authority (SBMA) for an estimated total project investment of $200 million to $250 million over 3-5 years.
President Arroyo toured the free zone and port where she met a number of senior Dubai World officials including Jamal Majid bin Thaniah, Executive Vice-Chairman DP World and Group CEO Port Free Zone World, Mohammed Sharaf, CEO DP World, Mrs.
Salma Hareb, and Mohammed Al Muallem, Senior Vice President and Managing Director DP World, UAE region. Mr. Bin Thaniah gave President Arroyo a detailed presentation on the developments and global reach of the world’s fourth largest marine terminal operator, and the synergy between the port and free zone operations in Jebel Ali and abroad.
The Subic Bay agreement incorporates Jafza International’s proposal of the phased lease and consolidation of four areas within the Subic Bay Freeport to form an adjacent industrial/logistics zone within the Freeport as well as the renewal re-alignment of a prestigious residential and leisure area. The four areas under deliberation are the industrial Technopark, Boton Wharf, Subic International Airport and the residential Cubi area.
