The Philippines and the United Arab Emirates agreed to expanding their trade cooperations and strengthen economic engagements.
This developed after UAE Minister of Investment Mohamed Hassan Alsuwaidi visited President Ferdinand R. Marcos Jr. in Malacañan Palace on Friday.
Both officials discussed the enhancement of Philippines-UAE’s trade and investment opportunities.
Marcos said Alsuwaidi's visit demonstrated both countries' commitment “to work together more closely than we have had in the past.”
“I'm happy to see you and discover so many areas that would be possible for us to explore further,” Marcos told Alsuwaidi.
In response, Alsuwaidi informed the President that the UAE recognized the excellent patient care of Filipino nurses working in his country.
The Arab official touted the “very deep” relationship between the Philippines and the UAE.
“After having discussions today, we really don't understand why we haven't historically invested more, and given the number of opportunities we see, whether it's in the infrastructure, whether it's in industrial mining or telecommunication, data centers, renewables — the size of opportunities, healthcare, are tremendous,” Alsuwaidi stressed.
In 2023, the UAE ranked as the Philippines' 18th largest trading partner among 230 countries. Approved investments from the UAE amounted to P376.71 million, securing the 18th spot, while from January to September 2024, investments totaled P82.59 million, placing the UAE 25th.
Priority sectors for investment promotion to the UAE include agribusiness/agriculture, energy efficiency technologies and renewable energy, infrastructure or public-private partnership projects, innovation (artificial intelligence), information technology, and business process management.
On 30 November 2023, the Department of Trade and Industry (DTI) and the UAE Ministry of Investment signed a Memorandum of Understanding to develop high-capacity data center projects in the Philippines.
As a result, several UAE companies such as Edgnex Data Centres signified plans to invest in data centers in the Philippines.
On 15 January 2025, the Department of Energy (DOE), the Board of Investments, and Masdar signed an Implementation Agreement to develop solar, wind, and battery energy storage systems in the Philippines.
The project seeks to reach a total capacity of up to one gigawatt (GW) by 2030, with an overall investment of US$15 billion.
In November 2024, President Marcos visited the UAE and held a meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan, expressing appreciation for the care and respect extended to the Filipino community.
The two leaders recognized the potential for expanding their relations into new areas of cooperation beyond traditional sectors.