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Ottawa, Canada – Senior executives from leading companies in Canada and the United Arab Emirates, as well as federal ministers, gathered in Ottawa, Canada, this week for the bi-annual board meeting of the Canada-UAE Business Council (CUBC).
The Canada-UAE Business Council is the premier organization promoting greater trade and investment between Canada and the United Arab Emirates. Spearheaded by the foreign ministers of Canada and the UAE in 2013, 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 their opening remarks, the co-chairs emphasized that Canada and the United Arab Emirates have strong commercial 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 St. John’s Port, and Brookfield’s acquisition of First Abu Dhabi Bank’s payments arm . tycoon. The co-chairs emphasized that there are huge opportunities for cooperation between the two countries, especially in food security, healthcare, innovation, education and energy transition, as both countries work to decarbonize the natural resource sector 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 move, the United Arab Emirates will host the 28th Conference of the Parties (COP 28) of the United Nations Framework Convention on Climate Change (UNFCCC) in Dubai Expo City in November 2023. The event will be a major global stocktaking exercise, guided by the principle of inclusiveness to reflect the views and contributions of the public and private sectors, academia and civil society.
His Excellency Abdullah bin Touk Al Mali, Minister of Economy of the United Arab Emirates, Minister of Innovation, Science and Industry of Canada, His Excellency François-Philippe Champagne, Minister of Transport of Canada, and His Excellency Omar Algabra, Ambassador His Excellency Fahad Al Raqbani, United Arab Emirates Ambassador to Canada, and His Excellency Kris Panday, Canadian Ambassador to the United Arab Emirates, attended the meeting and emphasized the importance of the Canada-United Arab Emirates strategic partnership and the role of CUBC in promoting the growing bilateral economic relationship. Ministers invited the Business Council to explore avenues for further cooperation to expand trade and investment flows and boost job creation in both countries. Based on the discussions, board members highlighted the need for improved air connectivity to unlock the potential for bilateral economic growth.
The Canada-UAE Business Council remains committed to fostering long-term economic and business relations between Canada and the United Arab Emirates.
“We are delighted to be Canada’s number one export market in the MENA region and to be Canada’s 15th largest foreign direct investor, but this is only a fraction of what can be achieved between our two powerful trading nations.
We were honored to host the Dubai Expo last year, deepening international cooperation in culture, trade and innovation, and we look forward to hosting COP28 next November to further develop government-private solutions to create for all A sustainable environment, and no country can do it. was 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, investment, education, humanities and other fields. There is enormous potential for our two countries to deepen our relationship, especially in energy transition, food security and job-creating investments. CUBC is an important partner in our mutual success“.
Sir Chris Pandey
Ambassador of Canada to the United Arab Emirates
About the Canada-UAE Business Council
The Canada-UAE Business Council (CUBC) is the premier business-led organization promoting business relations between Canada and the United Arab Emirates (UAE). Membership is by invitation only and is primarily focused at the executive level. Board members are leading companies in Canada and the United Arab Emirates: 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 and Trimark Capital Group.
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