UAE trade deal to unlock wealth fund investments

The Philippines' first free trade agreement (FTA) with a Middle Eastern country is expected to be signed next month with the United Arab Emirates (UAE), which will likely set the stage for more substantial investments from sovereign wealth funds (SWFs).

- BY DEXTER BARRO II

In a business forum hosted by the Dubai Chamber of Commerce, Special Envoy of the President to the UAE for trade and investments Kathryna Yu-Pimentel confirmed that the comprehensive economic partnership agreement (CEPA) between the two countries is up for signing in June.

Based on data from the UAE's website, it ranked 22nd among the Philippines' sources of net foreign direct investment (FDI) in 2022.

The Middle Eastern country is expecting that these investments will increase with the prospective signing of the CEPA.

Trade Undersecretary and Board of Investments (BOI) Managing Head Ceferino Rodolfo said these investments coming into the country will primarily come from the UAE's SWFs.