GLOBAL Gateway Development Corporation (GGDC) has reiterated its commitment to accelerate the development of a $3-billion logistics city at Clark Freeport Zone in Pampanga.
“We are committed to the development of Clark. We are here to aggressively pursue the development of Sabah Al-Ahmad Global Gateway Logistics City (GGLC),” GGDC said in a statement.
Sabah Al-Ahmad GGLC, named after the Amir of Kuwait, is a 177-hectare mixed-used project directly adjacent to the Clark International Airport.
The project is in its development stage and is planned to be a state-of-art commercial and logistics aerotropolis built to the highest environmental standards. Once completed, the project will have a total of 5.8 million square meters of floor space.
GGDC said Washington-based CG/LA, a leader in infrastructure project identification and development, has recognized the project in Clark as one of the Top 100 global infrastructure projects of 2012, 2013, and 2014.
The company has invested over US$100 million in the project to date with another US$150 million in planned investments by the end of 2015.
GGDC’s investments to date include the development of world-class horizontal infrastructure, including over 30 hectares of fully developed lot inventory and the preleasing of a 20,000 square meter hospital (which is currently over 95% complete) to The Medical City, a leading Philippine and regional healthcare operator.
It also expects to finish, by the end of 2015, five office towers with a gross floor area of 145,000 square meters, a retail and gas plaza, and a hotel and serviced apartment complex.
These complexes will create employment opportunities for over 15,000 Filipinos from the region. The whole GGLC project will entail investment of over US$3 billion in new facilities, providing direct employment to more than 3,000 construction and trade workers at the peak of the project’s development.
Once completed, the project will generate employment opportunities to over 300,000 workers with US$600 million in annual payroll for entry-level employees alone.
The Port Fund, a private equity fund managed by KGL Investment Company (KGLI), originally founded GGDC. KGLI is a private equity investment company focusing on development and investments in infrastructure, logistics and transport, oil and gas, energy and power and other diversified sectors in the Middle East, Asia and emerging markets.
KGLI’s main managed investments in the Philippines have been Sabah Al-Ahmad Global Gateway Logistics City and an interest in the 2GO Group and Negros Navigation.
In 2012, Sheikh Sabah Al-Ahmad, the Amir of Kuwait, visited the Philippines and the Clark project was renamed the Sabah Al-Ahmad Global Gateway Logistics City in honor of the Amir. KGL Investment Company Asia, a wholly owned subsidiary of KGLI, has also been involved in humanitarian activities in the Philippines. VOLTAIRE PALAÑA