UAE firms plan to invest over P25 billion in Philippines, says DTI exec
Flags of the Philippines and UAE (PNA)
MANILA, Philippines — Dubai-based logistic firm DP World and Abu Dhabi-based clean energy company Masdar are eyeing to invest more than P25 billion in the Philippines.
Department of Trade and Industry (DTI) Acting Secretary Ma. Cristina Roque said the companies reaffirmed their investment plans in the Philippines during her visit to the United Arab Emirates (UAE) on Oct. 3 to 5.
Roque said DP World is exploring ports development across the country, aside from its existing project with Asian Terminal, Inc. in Tanza, Cavite.
“They’re also willing to invest up to PHP25 billion in the Philippines. That’s the maximum investment they are looking into for port opportunities,” she said in an interview Monday.
“(T)hey also want to invest and look for local partners but they also want to be able to be the one to operate the different ports in the country,” she added.
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Article continues after this advertisementMeanwhile, Emirati state-owned renewable energy (RE) company Masdar plans to invest at least PHP600 million in the country.
“They want to get into this kind of business, which is solar, wind, and battery… And then, their minimum investment is PHP600 million,” Roque said.
She said Masdar is scouting for a minimum of 50-hectare property for its RE development in the country.
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Masdar has developed a number of landmark wind farms currently in operation around the world, including the 400-megawatt Dumat Al Jandal wind farm, the largest in the Middle East and the first in Saudi Arabia; and the 630MW London Array offshore wind project in the United Kingdom, according to Gulf News.
In Dubai, Roque also explored opportunities for Filipino brands in leading supermarkets like Al Maya and Carrefour.
She visited the SariSari Store, a convenience mart of Filipino products. (PNA)
