Abu Dhabi, UAE – The UAE and Philippines signed an agreement to create a framework for investment in the digital infrastructure sector, with a special focus on data centers.
As physical facilities that organizations use to store critical data and run applications, data centers are vital parts of the digital economy infrastructure. Recognized as one of the emerging data center markets worldwide, the Philippines offers a robust, rapidly growing ecosystem in this sector.
Data center projects to be developed under the MoU can reach a total capacity of up to 500 megawatts. To ensure close and impactful collaboration, a key aspect of the agreement is building relationships among public and private sector organizations in the UAE and the Philippines. The MoU also suggests the introduction of incentives for relevant initiatives and will facilitate knowledge sharing.
The MoU was signed by Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, and Alfredo E. Pascual, Secretary of Department of Trade and Industry of the Philippines.
“The MoU reflects our commitment to strengthening bilateral ties and setting the stage for collaboration in the digital infrastructure sector. It serves as a blueprint for a future where we leverage advanced technology for the benefit of our societies and economies, driving us towards shared prosperity,”
Mohamed Hassan Alsuwaidi, said.
“This agreement with the Philippines, one of the fastest growing economies in Asia with rapid digital adoption, robust infrastructure and strategic market proximity, is set to accelerate the ongoing digital transformation of the UAE,” he added.
The signing of the MoU agreement comes against the backdrop of flourishing trade between the two countries.
According to recent figures, trade reached US$ 506.1 million in the first half of 2023, marking a 19.4 percent increase compared to the corresponding period last year. The momentum observed in 2022, where non-oil trade surpassed US$ 1.8 billion, underscores the robust economic ties and collaboration between the two nations.