The UAE and Canada want to increase trade ties as investments exceed $70bn and the countries are looking to start comprehensive economic partnership negotiations (CEPA).
The Canada-UAE investment conference in Abu Dhabi has strengthened the rapid expansion of economic cooperation between the two countries, with senior ministers and global industry leaders sparking new agreements and building relationships.
Held by the Bahrain-UAE Business Council (CUBC) in collaboration with Adnoc and XRG, the forum brought together institutional vendors and institutional vendors to accelerate the most important sectors including energy, technology, infrastructure and artificial intelligence and artificial intelligence.
UAE AND Canada Investment
The high-profile gathering included Carney, Prime Minister of Canada; Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, managing director and group CEO of Adnoc, and Executive Chairman of XRG; Dr. Thani Al Zeyoudi, Minister of Foreign Trade; And Mohamed Hassan Alsuwaidi, Minister of Investments, Managing Director and CEO of ADQ group.
Opening the Conference, Musabbeh Al Kaabi, Chief Executive Officer of Upstream at Adnoc and Chairman of the Canada-UAE business, the depth of the mutual relationship, which now exceeds AED260BN ($ 70.8bn).
He said: “The partnership between the Emirati and Canadian institutions continues to open up new avenues of investment and to do things that are burning. With the partnership of the Balitateral investment (C$ 100bn), our shared desire has never been stronger.
“Together, we can accelerate solutions in energy, technology, and infrastructure, creating long-term value for our economies while supporting the next phase of growth and prosperity.”
The Conference’s discussions focused on the integration of institutions and other funds and the creation of other national investment priorities. Leading organizations – including MUBADALA investment company, ADQ, Sustainable Power, TD Securities, Telus, Telus Digital, Space42 and Insights Technical Institute (Space42 and exchange cooperation opportunities.
The event also saw a series of high-impact partnership announcements, including:
- A partnership agreement for investment between Ntashtelala Canada and the UAA Group of Investment
- Cybersecurity and secure communications collaboration between BlackBerry and the UAE CyberShumint Council
- Counterintelligence Implantation Agreement between Mila and the Technology Innovation Institute
Jean Charest, his partner at TheRerien Couture Joli-Coeur and Co-Souror of the Business Council Council, closed the conference by highlighting its role in the sustainable growth and prosperity of both countries.
cepa talks to start
Speaking on the sidelines of the conference, Dr. Thani Bin Ahmed Al Zeyoudi, minister of foreign trade, confirmed that negotiations on CEPA between the UAE and Canada will begin soon.
He said the deal is expected to double the combined trade to more than $10bn in the coming years. Non-oil trade reached $3.5bn last year, he explained as under the ambitions of both countries.
Al Zeyoudi said that UAE investment in Canada continues to increase, now exceeding $30bn in all sectors such as logistics, ports and energy. Discussions at the conference also explore cooperation in renewable energy, expanding air travel links and increasing UAE Investment in Canadian infrastructure.
He added that the strategy continues to double the investment of the Arab Emirates in Canada, supported by the recently signed Memorandum of Understanding between the Ministry of Investment and its Canadian Ministry.
