March 16, 2007

Saudi company offers Philippines' workers poultry farm ownership

A Saudi poultry farming project is aiming to transform its overseas Filipino workers into shareholders by investing and reaping the returns of their poultry farms.

The Saudi Arabian company entered into a joint venture poultry farming project with Philippines' Maharlika Agro-Marine Venture, The Sun Star on Thursday (Mar 15) reported.

The workers can simply become a shareholder by simply investing PHP 50,000 (US$1,026), the newspaper said.

The project was an initiative of Kalid Zainy, chair of the Abbar and Zainy Group, according to Philippine Trade and Industry Assistant Secretary Merly Cruz.

The company initially offered the site for the project and the contract to supply chickens to Saudi Arabia and Middle East markets.

Its partner in the Philippines is Vicente Lao who owns Maharlika AgroMarine Venture.

Cruz described the project as a breakthrough in the trade and investment mission to Saudi Arabia.

It is unique in the sense that it was designed to help overseas Filipino workers, Cruz said.