In a significant move to bolster economic relations, the Philippines and the United Arab Emirates (UAE) have committed to expanding their trade and investment collaborations. This decision was solidified during a meeting at Malacañan Palace in Manila, where President Ferdinand R. Marcos Jr. hosted UAE’s Minister of Investment, Mohamed Hassan Alsuwaidi, on February 7, 2025. The leaders explored numerous avenues for enhanced cooperation, reflecting a mutual desire to elevate their economic partnership beyond previous levels.
President Marcos expressed enthusiasm about the potential for further collaboration, noting the visit as a testament to the strengthening bond between the two nations. Alsuwaidi echoed this sentiment, emphasizing the deep-rooted relationship between the UAE and the Philippines, and praised the contributions of Filipino nurses in the UAE.
The discussions highlighted a range of sectors ripe for investment, including agribusiness, energy efficiency, renewable energy, infrastructure, innovation in artificial intelligence, information technology, and business process management. Alsuwaidi pointed out the vast opportunities in infrastructure, industrial mining, telecommunications, data centers, and healthcare, questioning why more investments hadn’t been made historically given the potential.
This meeting follows President Marcos’s visit to the UAE in November 2024, where he met with UAE President Sheikh Mohamed bin Zayed Al Nahyan, and expressed appreciation for the treatment of the Filipino community in the UAE. The leaders had previously agreed on the importance of expanding their cooperation into new areas.
Recent developments include a January 15, 2025, agreement between the Philippines’ Department of Energy, the Board of Investments, and Masdar, a UAE state-owned renewable energy company, to develop solar, wind, and battery energy storage systems in the Philippines, aiming for a one gigawatt capacity by 2030 with a USD15 billion investment.
The UAE has been a significant trading partner for the Philippines, ranking as the 18th largest in 2023 and the 25th in the first nine months of 2024, with investments amounting to PHP376.71 million and PHP82.59 million respectively. Additionally, a memorandum of understanding signed on November 30, 2023, between the Department of Trade and Industry of the Philippines and the UAE Ministry of Investment aims to foster high-capacity data center projects, with companies like Edgnex Data Centres planning investments in the Philippines.