Dubai, United Arab Emirates: - Senior executives representing leading Canadian and Emirati businesses convened for the Canada-UAE Business Council semi-annual Board of Directors meeting on Friday, March 18th, 2022, in Dubai, United Arab Emirates. The meeting was led by Co-Chair Musabbeh Al Kaabi, CEO of Mubadala’s UAE Investments Platform.  During the event, policy priorities for 2022 were established and initiatives undertaken by the Business Council to strengthen bilateral commercial relations were reviewed. 

In his opening statement, Mr. Al Kaabi emphasized the role of the Canada-UAE Business Council and its mission to advance trade and investment between Canada and the United Arab Emirates by creating and leveraging new opportunities and building bridges between the two countries. Mr. Al Kaabi pointed to the recently announced partnerships between Mubadala and the Ontario Teachers’ Pension Plan, Brookfield and the First Abu Dhabi Bank and other Canadian and Emirati businesses.

Canada’s Minister of International Trade, Export Promotion, Small Business and Economic Development, The Honourable Mary Ng, addressed the Board and discussed the importance of the Canada-UAE partnership and the opportunities ahead. In addition, the United Arab Emirates’ Ambassador to Canada, H.E Fahad Al Raqbani, and Canada’s Consul General in Dubai and the Northern Emirates, H.E. Jean-Philippe Linteau, provided brief and insightful remarks on the state of Canada-UAE economic relations.

The Honourable Mary Ng stated that, “Canada and the U.A.E. share strong commercial and deep people-to-people ties. The U.A.E. is already home to 150 innovative Canadian companies, and I look forward to continue working with Emirati government and business leaders to foster even closer trade and investment ties, including making progress towards a Canada-U.A.E. Foreign Investment Promotion and Agreement.” 

The Canada-UAE Business Council approved its newly set policy agenda and programmes for 2022 in line with the United Arab Emirates’ net zero commitment, the country’s National Food Security Strategy 2051, and the “Projects of the 50” strategic plan – a series of projects that aim to accelerate the country’s economy over the next 50 years.

In conclusion, Mr. Al Kaabi reiterated the bright future of the Canada-UAE economic relationship, stating that the meeting’s “productive conversation is indicative of the momentum in the United Arab Emirates and Canada strategic partnership. The United Arab Emirates is now Canada’s 15th largest foreign direct investor in the country.” Mr. Al Kaabi added that “The Canada-UAE Business Council will continue to play a pivotal role in deepening bilateral trade and investment.”

 “Canada enjoys a strong and growing economic relationship with the UAE.  Our two-way trade increased by 24% last year and reached a new height of $2.5 billion dollars. The Canada-UAE Business Council serves as an invaluable partner in fostering these commercial ties.”

Her Excellency Marcy Grossman, Ambassador of Canada to the United Arab Emirates

"The economic relationship between Canada and the UAE has never been stronger. We are proud to serve as Canada’s top export market in the Middle East & North Africa region, with our bilateral trade reaching more than $2.5 billion. We welcome Canadians to take advantage of our position as a global hub, with one third of the world living within a four hour flight, connecting 3.2 billion people, with a collective GDP of $60 trillion in emerging markets alone."

His Excellency Fahad Al Raqbani, Ambassador of the United Arab Emirates to Canada

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About the Canada-UAE Business Council:

The Canada-UAE Business Council (CUBC) is the premier business-led organization facilitating greater trade and investment between Canada and the United Arab Emirates (UAE). Membership is by invitation only and is focused at the executive level. Board members are leading companies in Canada and the UAE: Al Jaber Group, Al Otaiba Enterprises, Brookfield, DP World, Cameron Development Corporation, EllisDon, Essa Al Ghurair Investments, Etihad, Globesight, Gowling WLG, Hatch, McCarthy Tétrault, Mubadala Investment Group, SkyPower Global, TAQA Global, TD Securities Inc., and Trimark Capital Group.