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Friday, March 29, 2024

Kuwait company upbeat on Clark

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The head of a 177-hectare mixed use estate in the Clark Freeport Zone said his company will invest $5 billion to develop a world-class economic hub in the former US military base.

Global Gateway Development Corp. president Michael Russell said over the weekend he saw Clark Freeport as a viable investment destination.

“It will be a seven to 10-year build out. We expect a good return on investments and generate 300,000 jobs once the economic hub is fully operational,” Russell said.

GGDC, founded by The Port Fund, is a private equity fund managed by the Kuwaiti firm KGL Investment Company, with the Kuwaiti government and other countries as lead investors.

GGDC’s anchor project called Global Gateway Clark offers office and retail spaces for leasing to investors, accommodating business process outsourcing companies, modern transportation facilities and healthcare industries.

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Russell said American investors in Clark were unfazed by US President Donald Trump’s American First policy, and the latter’s pronouncement that he would “cut regulations and taxes to make it more attractive for business to operate in the US.

Russell said his company would stay in the Clark Freeport to fulfill its vision for the estate property.

Once completed, the Global Gateway Clark be divided into four zones: Aeropark, Business Park, Town Center and Logistic Park. It is an ultra-modern city and at par with Metro Manila’s Bonifacio Global City.

The One West and Two West buildings inside the Aeropark are set for completion in July this year, according to Russell.   

Global Gateway Clark sits at the crossroads of North Luzon Expressway and Subic Clark Tarlac Expressway and just 30 minutes away from the newly-expanded Subic Bay deep-water port, and is directly adjacent to Clark International Airport.

Russell said the Logistic Park was master planned to house several warehousing and distribution facilities. Businesses doing light manufacturing, according to Russell, could also operate out of the zone with ease.

The Business Park is where prime space will be located, along with complimentary retail, pocket parks and residential space supporting a true live, work play environment. The Aeropark will be home to research and development, modeling and simulation as well as IT center, BPO campuses and educational facilities. The Town Center will host several retail establishments.

“In the next few years, international businesses and workers will be catering to even larger markets and will require proportionally larger, more efficient and better connected environments to keep up with the country’s growing economy,” said Russell.

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