Board of Investments, a local subsidiary of Saudi fresh produce distributor Abbar & Zainy, is looking to invest US$41m in a 1,500ha banana plantation on land in Sultan Kudarat and Maguindanao, in the Philippines.
According to a report in the Philippine Star, the plantation would focus on supplying bananas to the Middle East.
Pilipino Banana Growers and Exporters Association executive director Stephen Antig said the plantation would offer a boost to the industry, which saw exports to the Middle East slump last year due to an extended dry spell and the fall-out from the US’ trade embargo with Iran.
