Several Dubai-based companies committed to expand to the Philippines, including a logistics company which plans to develop a seaport, according to the Philippine Economic Zone Authority.
PEZA director-general Charito Plaza, who joined Trade Secretary Ramon Lopez on a trade and investment mission in Dubai, said these companies were planning to invest in the Philippines even before the pandemic.
Among the highlights of the mission was a proposal from Dubai firm DP World, a global leader in supply chain solutions, to develop a 50 to 100-hectare economic zone with integrated seaport to introduce their latest logistics facilities and solutions.
PEZA deputy director-general Tereso Panga said Plaza extended an invitation to DP World to bring its pioneering “virgin hyperloop” people/cargo speed transport. Completely powered by the sun, it can cut down travel time from Manila to Mindanao to an hour.
Panga said Emirates Airlines also expressed intention to explore airport development and facility management in the Philippines and increase the number of weekly flights between Manila and Dubai, initially to benefit the OFWs in the Middle East and to cater to the growing fleet of travelers.
The Lootah Group of Companies plans to invest in LNG generation and biofuel production to contribute to the country’s pursuit of cleaner, quality and more affordable energy.
“The Global Business Forum ASEAN in Dubai is strongly pushing for the participating economies’ transition to renewable energy and adoption of emerging alternative energy sources such as hydrogen, ammonia and battery storage,” Panga said.
The Islamic Dubai Bank also made firm commitments to acquire a universal bank status in the Philippines and to help the government access the Gulf Cooperation Council sovereign wealth fund and the $2.9-trillion global Islamic finance industry.
PEZA signed a memorandum of understanding with the AlHuda-Center of Islamic Banking and Economics to promote Islamic Banking and Finance in the Philippines.