Kuwait Companies To Invest $10 Billion In The Philippines

[pioneer]

Kuwaiti companies including Agility are poised to clinch a $10 billion contract to build an airport and other infrastructure in the Philippines, Kuwaiti newspaper al-Qabas reported on Sunday.

Agility, a logistics company that supplies U.S. forces in Iraq and Afghanistan, and Abraj Holding were among the firms that would sign a contract within two days, Qabas said, citing a "well informed source".

Abraj and Agility said they had yet to agree a deal and gave no details.

"No memorandum of understanding has been reached yet," Abraj said in a statement on the bourse Web site. It said it was speaking for Agility as well.

The contract involves building an airport, a power station and a railway line and other infrastructure at a location about 20 km from the capital Manila, Qabas said.

source: news.yahoo.com