News: Galaxy Reef: A P35-B marine park project -
30 Mar 2008
In line with the vision of Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister, and Ruler of Dubai, to support Dubai’s marine environment, Winace Holdings Philippines and its subsidiary, Eco Coral Corp. have conceptualized The Galaxy Reef, a man-made marine park and coral reef, and the greatest ecosystem of its kind, to be located adjacent to Dubai’s other famous development, The Palm.
To promote and explore the project, SSK Enterprises, represented by chairman Saeed Alfan Al Marry, and Terry Plant, have been appointed as UAE country agent.
The agency agreement was signed in the Emirate of Dubai during President Arroyo’s visit. The agreement states that SSK shall promote with leading construction firms in the Emirate of Dubai to undertake the construction and management of the envisaged five-billion euros (about P35 billion) project.
It will also promote technical collaboration with other firms for the establishment of platforms, Plexiglas tunnels, and other facilities. Per the agreement, Eco-Coral and Winace shall supply, design and install their patented reefs.
“The size of the investment shows increased investor confidence in the Philippine’s steadily strengthening economy under the Arroyo administration.” said Winace chairman Teodorico T. Haresco, Jr.
The Galaxy Reef, so named because its design mirrors the galaxy’s spiral arms, will require the supply and installation of artificial coral reefs from Eco-Coral, worth over 800-million euros. Over 37 kilometers of reef will be spread across an area of 9.6 million square meters.
Eco-Coral manufactures unique, globally patented artificial coral reefs composed of materials indigenous to the Philippines. It is considered the most cost effective and efficient artificial reef globally, and a better alternative to concrete, plastic, or junk tires/steel.
“The Galaxy Reef can become the 9th wonder of the world. It will set a landmark in environmental protection and marine life preservation.”
Says Haresco: “With this project, Filipinos will show their ingenuity and technical capabilities for environmental protection and restoration.