October 16, 2024 | 12:00am
MANILA, Philippines — United Arab Emirates (UAE) – based firms DP World and Masdar are considering investing more than P25 billion in renewable energy and port projects in the country, according to the Department of Trade and Industry.
Acting Trade Secretary Cristina Roque told reporters that she recently met with representatives of the two firms that are eager to invest in the country.
Logistics firm DP World is looking for local partners and is interested in port development opportunities in the country.
“They’re also willing to invest up to P25 billion in the Philippines. That’s the maximum they want to invest for port opportunities,” she said.
Earlier this year, DP World and the Asian Terminals Inc. unveiled the Tanza Barge Terminal in Cavite aimed at facilitating smoother and faster transport of cargo to and from the capital.
Aside from DP World, Roque said Masdar is looking to make a minimum investment of P600 million in the country, particularly in solar and wind energy projects.
“The minimum requirement of their land is 50 hectares and the maximum is 500 hectares. And they want to do this as soon as possible,” she said.
Masdar was established in 2006 by the UAE government to leverage and build on the UAE’s expertise and leadership in the global energy sector.
The company sees Southeast Asia as a key investment destination.
Roque said she also visited groceries and convenience stores like Carrefour and Sari Sari Store in the UAE that are carrying Filipino products.
Amid growing demand for Filipino products in the UAE, the stores have expressed interest to import more from the Philippines.
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