UAE, Philippines partner for growth through innovative investments
The flourishing investment relationship between the United Arab Emirates and the Philippines heralds a transformative chapter in the economic landscapes of both countries. This dynamic partnership was further solidified during a recent meeting in Malacañang, where His Excellency UAE Minister of Investment Mohamed Hassan Alsuwaidi engaged in fruitful discussions with Philippine President Bongbong Marcos.
During the meeting, H.E. Alsuwaidi recognized the significant opportunities available in the Philippines' various sectors, including infrastructure, industrial mining, telecommunications, data centers, renewable energy, and healthcare, and signified the UAE's commitment to exploring these opportunities moving forward. Masdar's landmark $15B investment in PH renewables
Amid this backdrop of growing collaboration between the two nations, UAE-based clean energy company Masdar's announcement of a $15-billion investment in Philippine renewable energy projects last month underscores the UAE's dedication to fostering sustainable development in the Philippines.
The investment agreement, which was formalized during the Abu Dhabi Sustainability Week, was signed by Masdar Chief Executive Officer Mohamed Jameel Al Ramahi and Department of Energy Undersecretary Rowena Cristina L. Guevara.
It aims to develop up to one gigawatt (GW) of solar, wind, and battery energy storage systems in the Philippines by 2030, with the potential to increase capacity to 10 GW within the next decade.
This investment reinforces the memorandum of understanding signed in November 2024 between the Philippines and the UAE, focusing on energy transition cooperation, and also signifies a major expansion for Masdar into Southeast Asia's clean energy market.
Under the agreement, the Philippines' Energy department will assist Masdar with pre-development activities, technical studies, and securing necessary permits, while Masdar will lead project development, handling both commercial and environmental aspects.
With the Philippine government's goal of increasing the renewable energy share in its energy mix to 35% by 2030 and 50% by 2040, this development is indeed crucial for achieving these targets. Not to mention that it is also expected to generate economic opportunities through job creation and technology transfer. DP World's prospects in PH ports
Both the Philippines and the UAE are not only focused on renewable energy but are also open to partnerships in other sectors, such as logistics and trade infrastructure.
DP World, a multinational logistics company based in Dubai, has expressed its intention to invest over P25 billion to expand port operations in the Philippines, as confirmed by Department of Trade and Industry Secretary Ma. Cristina Roque following her visit to the country in October of last year.
DP World, she said, is looking into developing ports across the Philippines to complement its existing project with Asian Terminals, Inc. The two companies have made a $90-million investment in Batangas Port and are working to enhance operations at Manila South Harbor.
She added that the company aims to invest and seek more local partners to operate various ports in the country while introducing new and advanced methods of port operations and establishing commercial areas as well, including industrial parks, economic zones, and digital solutions.
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With both nations deepening their collaboration, growing investments in logistics, energy, infrastructure, and other sectors are set to boost economic growth and strengthen the more than 50-year ties between the United Arab Emirates and the Philippines.
These exciting partnerships open up new opportunities for both countries, fostering innovation and sustainable development that will benefit their citizens for generations to come.
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