UAE sends investment mission to RP

United Arab Emirates (UAE) Prime Minister Sheik Mohammed bin Rashid Al Maktoum has sent a fact-finding mission to the country to explore possible investments in the real estate sector, tourism, education and healthcare.

Likewise, the five-man mission led by Dr. Rashid Alleem is in the country to invite Filipino companies and businessmen to set up operations in the Hamriyah Free Zone located in Sharjah, UAE.

Dr. Rashid is an economic adviser of Sheik Maktoum and is the director-general of the Hamriyah Free Zone Authority, the Sharjah Sea Ports and the Sharjah Customs.

In a press briefing, Dr. Rashid said that his seven-day fact-finding visit to the Philippines is in line with the creation of the  Sharjah Investment Authority that is looking for various international investment possibilities in the areas of real estate and property development, tourism-related facilities, education and healthcare.

Dr. Rashid is hoping to pay separate courtesy calls to President  Arroyo, Trade and Industry Secretary Peter B. Favila, Agriculture Secretary Arthur C. Yap, Tourism Secretary Ace Durano, and Health Secretary Francisco Duque.

Aside from looking for possible investment opportunities, Dr. Rashid is also in the country to invite Philippine companies and businessmen to consider putting up operations in the Hamriyah Free Zone.

Dr. Rashid pointed out that in the global market place, the new trend of thought is that it is no longer necessary to stay in one’s country to do business.

For Filipino companies aiming to do business with Europe and Africa, Dr. Rashid said, establishing operations in the Middle East is a more convenient location to access those markets.

The UAE is considered a hub for the distribution of Philippine export products to the Gulf Cooperations Countries, according to Philippine Trade Attache Gil Gerico. The Philippines exports fresh fruits, garments, electronics and furnitures, among others, to the UAE.

Philippine exports to the UAE last year amounted to $203 million. The UAE is also home to 350,000 to 500,000 overseas Filipino workers who last year remitted  $700 million back to their families in the Philippines.

Dr. Rashid is giving a presentation today to members of the Philippine Chamber of Commerce and Industry.

Dr. Rashid said at least one big Filipino company has indicated its interest in putting up operations in the Hamriyah Free Zone.