RP eyes $100M yearly investments from UAE

The Philippines can get as much as $100 million in annual investment opportunities from the government of the United Arab Emirates (UAE) and its private sector focusing on infrastructure and aviation facilities. "The Philippines can now have access of up to US$100 million in yearly fund flows from the Abu Dhabi Fund to finance government priority projects in infrastructure and social support activities," said Department of Foreign Affairs (DFA) Undersecretary for International Economic Relations Antonio Rodriguez. In a statement Thursday, the DFA said this is possible through public-private partnership (PPP) projects under the Abu Dhabi Fund for Development. These investment opportunities were disclosed by Abu Dhabi Fund director general Mohammed Saif Al Suwaidi, during the Philippines-UAE business meeting in Manila last week at the Makati Shangri-la Hotel. The meeting was held at the sidelines of the recent visit of UAE Foreign Minister Sheikh Abdullah Bin Zayed Al Nahyan, on the occasion of the 30th anniversary of the establishment of diplomatic ties between the Philippines and the UAE. During the foreign minister’s visit, Rodriguez and Philippine business leaders met with the UAE delegation, which included Al Suwaidi and Dubai Port World board chairman Sultan Ahmed Bin Sulayem. Sultan Bin Sulayem expressed interests in pursuing partnership in tourism and aviation, and increasing economic ties between the two countries. Board of Investments director Dennis Miralles and National Economic and Development Authority infrastructure staff director Kenneth Tanate was interested in pursuing PPP projects under the Abu Dhabi Fund. At the same time, the government and private sectors can take advantage of the low financing costs available from the UAE development fund, said foreign affairs director for economic diplomacy unit director Eric Tamayo. "Various businessmen conveyed their interest in undertaking collaborative projects with UAE businessmen in the areas of construction, architecture and design, ship crewing and manning, tourism, aviation, large-scale manufacturing, logistics and various other sectors," Rodriguez added. — With Jerrie Abella/LRS/VS, GMANews.TV