UAE firm eyes infra project in RP
A UAE-based company will be investing in a multi-million dollar infrastructure project in the country this year, a ranking government official said.
“I cannot name the firm yet but they will be coming to the
According to Favila, he will be hosting the officials of the UAE company in the first week of April wherein the two countries will iron out the details of the proposed investment.
Favila refused to give details on the transaction saying only that it is for infrastructure.
The investment is a result of the visit of President Arroyo to UAE earlier this year.
Aside from infrastructure, Favila said other UAE businessmen they met while visiting the country expressed interest in investing in eco-tourisim.
Favila said he has ordered his team to prepare a marketing plan for the visiting businessmen.
“For the eco-tourism, we are focusing on the tourism corridor,” Favila noted.
The tourism corridor includes beaches in the
Favila said the businessmen still have not committed actual investment plans but said the developments in UAE usually involve billions of dollars.
Still in tourism, Favila said the businessmen asked him if there are available hotels they can buy. He said he has already asked his people to research on the matter and find out which hotels are for sale.
“I told them they can build their own hotels but they have a problem with the ownership restrictions here,” Favila explained.
Aside from eco-tourism, Favila said a financial institution is interested in entering the local banking and finance.
“Their investment authority is looking into it but they are keen on acquiring a bank,” Favila said.
Favila refused to name which bank the UAE-based financial institution is eyeing citing the non disclosure agreement he signed with the potential investor.
“What I can say is this, we have received two official commitments and they will be sending their people to
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