Emaar may invest in Philippines’ mining sector through JVs

Emaar Properties is looking at investing in the Philippines mining sector using controlling stakes in joint venture companies, a newspaper reported yesterday. “There is a resurgence of development in the region, as China, India and even Japan require continued supply of minerals,” the Philippine Daily Inquirer quoted Environment and Natural Resources Secretary Lito Atienza as saying. “We need to take advantage of this as we are in the centre of the region, near the markets for such minerals.” Atienza told the newspaper the Dubai property giant is looking for mining and ecotourism developments in the Philippines. The country has set an investment target of $10 billion (Dh36.7bn) to $13bn in the mining sector by 2010. China’s Metallurgical Group Corporation has also expressed interest in investing in local mines, Atienza said. The global financial crisis, Atienza told the Daily Inquirer, will not slow down investments from companies which are geared towards the development of natural resources. These include India, China, Korea and Australia, he said. “This year we will try the new scheme of partnering with the investors in a 60-40 joint venture agreement where the Philippine Government can hold as much as 40 per cent. This will stir up a lot of interest in the mining sector,” Atienza said. “The mineral industry has been stalled in many cases because of the quarrels between the local partners and the investors. So as not to sacrifice time elements, and to stop if not eradicate squabbles among key industry players, we are proposing a joint venture with the government,” he said. Emaar, the developer of Burj Dubai, the world’s tallest manmade structure, started implementing an aggressive overseas expansion and diversification policy two years ago. The company has expanded its footprint to cover more than 36 markets and has moved into segments such as retail, hospitality, education, healthcare and financial services. Other joint ventures include one in India with MGF and another in Morocco. It has tied up with Raffles to open the first Emaar Raffles International School in Dubai and Singapore. In October 2007, Emaar joined hands with Bawadi, a member of Tatweer, to develop 70 million square feet of land in Bawadi, the largest hospitality and leisure development in the world located in Dubailand. business24-7.ae