PH economic managers meet key UAE ministers and investors as part of Middle East roadshow, explores Islamic banking opportunities

Finance Secretary Benjamin E. Diokno led the economic team in meetings with key United Arab Emirates (UAE) government ministries and Dubai-based funds and investors to explore increased trade and investment cooperation, Islamic banking opportunities, the Republic of the Philippines’ (ROP) upcoming Sukuk offering, renewable energy investments, and infrastructure partnerships as part of its two-day Middle East roadshow from September 11-12, 2023.

Joining him were Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila, Jr., National Treasurer Rosalia V. De Leon, and BSP Assistant Governor Arifa A. Ala.

The economic managers kicked off the roadshow with a visit to Nasdaq Dubai on September 11, where Secretary Diokno led the ringing of the bell and met with Nasdaq Dubai CEO Hamed Ahmed Ali.

Nasdaq Dubai is an international financial exchange in the Middle East that offers a unique investor pool and utilizes advanced technology in its operations, setting it apart from other stock exchanges.

Secretary Diokno, Secretary Pangandaman, Secretary Balisacan, Deputy Governor Dakila, and Philippine Ambassador to the UAE Alfonso Ferdinand A. Ver also paid courtesy calls on UAE Minister of State for Foreign Trade His Excellency (HE) Dr. Thani bin Ahmed Al-Zeyoudi and UAE Minister of State of Financial Affairs, Ministry of Finance His Excellency Mohamed Bin Hadi Al Hussaini.

The Philippine delegation reaffirmed the Philippines’ intent to commence and expeditiously conclude the negotiations of the Comprehensive Economic Partnership Agreement (CEPA) with the UAE as a means to deepen bilateral trade, investments, and economic cooperation.

The Ministers expressed UAE’s openness to forming trade alliances and investments globally despite geopolitical tensions and fragmentation. Among the areas of interest are food security, agriculture, and renewable energy (RE).
Later on, the economic team met with leading global alternative investment management platform, Brevan Howard; specialist emerging markets financial