A group of Kuwaiti companies is to invest more than US$10 billion in infrastructure projects in the Philippines. The firms plan to develop airports, ports, railways, power stations and telecommunications in the Southeast Asian country.
Al Abraj Holding said the group would set up a holding company in Europe, of which the Kuwaiti partners would own 75% and Argon, the only non-Kuwaiti firm in the group, 25%. Kuwaiti partners include International Leasing & Investment and Al Mal Investment.