MANILA, Philippines — Listed construction firm EEI Corp. has inked a memorandum of understanding with Saudi Arabia-based Samsung Engineering NEC Co. Ltd. (SENEC) to collaborate and work on projects based in the Middle East.
In a disclosure to the Philippine Stock Exchange, EEI said through the MOU, the companies have committed to work together and mutually explore opportunities to meet and fulfill the development objectives of Saudi Arabia.
“The MOU includes both parties’ obligations and commitments to the business relationship including having the support of Filipino manpower mobilization to Saudi further expanding overseas work opportunities for Filipinos,” EEI said.
It added that both companies recognize the skills, tenacity, adaptability and resilience of Filipino overseas workers.
EEI said the MOU signing held in Riyadh, Saudi Arabia was signed by EEI president and CEO Henry Antonio, SENEC CEO Mohamed Neffati, SENEC board member MinSu Ko and witnessed by President Marcos.
SENEC is a joint venture company of Samsung Engineering and Al Rushaid Petroleum Investment Corp. It aims to provide engineering, procurement and construction services initially within Saudi Arabia and into other markets at a later stage.
EEI has been present in Saudi Arabia since 1993 through Al Rushaid Construction Co. Ltd. (ARCC), the joint venture company of Al Rushaid Petroleum Investment Corp. and EEI Ltd, a wholly owned subsidiary of EEI.
ARCC engages in general construction and has participated in various major developments in KSA particularly in the construction of refineries and petrochemical plants, power and desalination plants, mining and industrial facilities.
Currently, ARCC employs 4,965 Filipinos among its 8,341 workforce and is set to add more with the EEI-SENEC partnership.
“EEI remains to be a champion for job generation not just in the Philippines but also overseas. With our commitment to various projects that are considered of national prominence at the Kingdom of Saudi Arabia, we are going to need sets of skilled and hardworking Filipinos who are recognized all over the world for embodying strong work ethics,” Antonio said.