Dubai investors start survey for Subic project

SUBIC BAY FREEPORT - Dubai investors on Tuesday conducted a two-day survey here in preparation for the implementation of a $250-million development project at the Freeport.

Dubai investors start survey for $250-M project in Subic

Armand Arreza, Subic Bay Metropolitan Authority (SBMA) administrator, said officials of Jafza International, the company managing the Jebel Ali Free Zone in Dubai headed by Noel Gulliver Willam, on Tuesday and Wednesday made a round of the Boton logistics and industrial areas, the Subic airport, and the residential and leisure district in Cubi that the firm has targeted for development within the next three years.

"They're now laying down the foundation for the project, “ said Arreza.

"They collected pertinent information about the area and other market data that they will use in preparing the master plan and in financial modeling," he said.

The project, which was agreed upon during the official visit of President Arroyo to the United Arab Emirates on Jan. 27, will involve the planning, development and management of mixed-use properties here.

Arreza, who signed the agreement for the Subic project with Salma Hareb, CEO of Jafza and Economic Zones World, said the project would adhere to world-class standards set by Jafza, a pioneer in the development and operation of large commercially-operated free zones around the world.

Under the agreement, Jafza will serve as the primary developer, manage the development process, supervise project design and capital raising, and oversee construction and operation. It will also be responsible for operation, sales, leasing and marketing of the developed property. SBMA, on the other hand, will assist in project documentation and take charge of all necessary approvals and permits. - Ric Sapnu - PhilipphineStar