Dubai World to explore investment opportunities in the Philippines

The talks covered Dubai World's interest in exploring investment in the Philippines in areas of ports, free zones, property development and the hospitality sector.

The visit was arranged by the Governor of Cebu Province, Gwendolyn Garcia, following her visit to Dubai in June, when she discussed investment opportunities with senior Dubai World Executives.

Mr Bin Sulayem, who led a high-level delegation on the courtesy visit to the Malacanang Palace on 13th July said:

"We had a very successful meeting with Her Excellency, President Gloria Arroyo and we welcome the support she has promised to Dubai World's involvement in infrastructure development programs in the Philippines. Dubai World sees immense potential for growth in this country and we will actively explore the investment opportunities that are emerging here. The Philippines market will be considered an important part of our growth strategy for Asia."

Mr Bin Sulayem was accompanied on the palace visit by the UAE's Ambassador to the Philippines, Mohammed Ibrahim Al Juwaid, Mohammed Sharaf, CEO, DP World, Peter Wong, DP World's Asia Pacific Director, and Suhail Al Banna, Executive Vice President of DP World's Asian Terminals.

Following meeting with the President in Manila, the Dubai World Chairman and other senior executives of DP World traveled to Cebu, where they attended a series of official functions.

Their discussions with Governor Garcia and her aides focused on building business relationships between the two sides.

Mr Bin Sulayem said: "We are very excited about the prospects of our visit to the Philippines, especially to Cebu. We want to do something in this beautiful island, and strengthen the bonds between the UAE and the Philippines. During our talks we identified several potential areas for investment and we will be studying them in depth to develop viable investment options."

During his visit Mr Bin Sulayem also addressed a business gathering organized by the Cebu Chamber of Commerce and Industry.