Ayala, Filinvest eye Middle East projects

MANILA, Philippines – Real estate giants Ayala Land Inc. (ALI) and Filinvest Land Inc. (FLI) are exploring expansion opportunities in the Middle East, Philippine Economic Zone Authority (PEZA) director general Charito Plaza said.

Plaza said the two property firms are eyeing projects that would cater to the millions of Filipinos working in the Middle East. 

“I recently came from Middle East. I was with the President in his state visit in China and Japan and after Japan, I went to Qatar because I was guest speaker of the real estate executives of Qatar which includes Filipino real estate developers like Ayala Land and Filinvest,” Plaza said.

“They are also exploring the market of Qatar and the Middle East, especially for our overseas Filipino workers,” she added.

During said Middle East trip, Plaza  offered Philippine lands and islands to investors, including members of royal families, the PEZA chief earlier reported.

ALI and FLI serve as property units of two of the country’s largest conglomerates—Ayala Corp. and Filinvest Development Corp.

ALI marked its first international expansion in 2010 through a partnership with Sino-Singapore Tianjin Eco-City Investment and Development Co. Ltd. to develop a 9.78-hectare property in Beijing.

The property giant earned P15.1 billion in the nine months ending September 2016, with revenues growing 14 percent to P85.5 billion.

FLI, meanwhile, saw a seven percent rise in its net earnings to P3.5 billion during the nine-month period, while revenues grew six percent to P13.6 billion.