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Ottawa, Canada – This week, senior executives and federal ministers from leading companies in Canada and the United Arab Emirates gathered in Ottawa, Canada, for the Canada-UAE Business Council’s (CUBC) bi-annual board meeting.
The Canada-UAE Business Council is the leading organization promoting greater trade and investment between Canada and the United Arab Emirates. In 2013, led by the foreign ministers of Canada and the United Arab Emirates, the CUBC has become a pillar of mutual economic prosperity in the bilateral relationship.
Musabbeh Al Kaabi (CUBC Co-Chairman and CEO of UAE investment platform Mubadala Investments) and Jean Charest (CUBC Co-Chairman and Partner McCarthy Tetreault) moderated the meeting at the United Arab Emirates Embassy in Ottawa, Canada. In his opening remarks, the co-chairs emphasized that Canada and the United Arab Emirates have strong business and people-to-people ties. Co-Chairs highlighted recent bilateral successes including Mubadala Capital’s acquisition of logistics business Canada Cartage, DP World’s soy development with Adroit Canada and historic investment in Port St. John’s, and Brookfield’s acquisition of Abu Dhabi First Bank’s payments arm , TycoonThe co-chairs emphasized that there are huge opportunities for cooperation, especially in food security, healthcare, innovation, education and energy transition, as both countries work to decarbonize their natural resource sectors and reduce greenhouse gas emissions.
The United Arab Emirates is the first country in the MENA region to launch a strategy to achieve net zero emissions by 2050. As part of this national effort, the United Arab Emirates will host the United Nations Framework Convention on Climate Change (UNFCCC) at the 28th meeting of the Conference of the Parties (COP 28) in Dubai Expo City in November 2023. The guiding principle of the event, which will be an important global stocktake, is inclusiveness, reflecting the perspectives and contributions of the public and private sectors, academia and civil society.
The Honourable Abdulla bin Touq Al Marri, Minister of Economy of the United Arab Emirates, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry of Canada, the Honourable Omar Alghabra, Minister of Transport of Canada, the Honourable Fahad Al Raqbani, Ambassador of the United Arab Emirates to Canada, and the Ambassador of Canada to the United Arab Emirates His Excellency Kris Panday attended the meeting and emphasized the importance of Canada’s strategic partnership with the UAE and the promotion of bilateral economic relations at CUBC. The ministers invited the Business Council to explore avenues for further collaboration to expand trade and investment flows and boost job creation in both countries. Building on the discussion, board members emphasized the need for improved air connectivity to unlock bilateral economic growth potential.
The Canada-UAE Business Council remains committed to promoting long-term economic and business ties between Canada and the United Arab Emirates.
“We are delighted to be Canada’s No. 1 export market in the MENA region and Canada’s 15th largest foreign direct investor, but this is only a small part of what can be achieved between our two strong trading nations.
We are proud to host Expo Dubai last year and to deepen international cooperation in culture, trade and innovation, and we look forward to hosting Cop28 next November to further develop government and private sector solutions to create a sustainable environment for all , no country can be left behind. “
His Excellency Fahd Saeed Rakban
Ambassador of the United Arab Emirates to Canada
“Canada and the UAE have a strong and warm relationship. We are natural partners in trade and investment, education and people-to-people exchanges. Our two countries have considerable potential to deepen our relationship, particularly in energy transition, food security and job-creating investments. CUBC is a key partner in our mutual success. “
The Honourable Chris Pandy
Ambassador of Canada to the United Arab Emirates
About the Canada-UAE Business Council
The Canada-UAE Business Council (CUBC) is the leading business-led organization driving business relations between Canada and the United Arab Emirates (UAE). Membership is by invitation only and is primarily concentrated at the executive level. Board members are leading Canadian and United Arab Emirates companies: ADX, 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.
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