Volume of trade exchange between two countries amounted to AED 10.6 billion during first 9 months of 2022, with growth of 14.6 per cent

UAE and Canada discuss ways to enhance cooperation in transport sector and increase mutual flights

>> Bin Touq: One of the UAE's key trading partners in North America is Canada, and we are eager to strengthen our bilateral ties to further our development plan.

• The UAE was Canada’s second largest trading partner in the GCC and the region during 2021.
• A Total of AED 1.2 billion worth of non-oil exports was recorded from the UAE to Canada during the first nine months of 2022, along with AED 880 million for UAE re-exports.
• The total number of passengers from the UAE to Canada in 2019 was at 45,000, with air traffic between the two countries witnessing 286,000 passengers annually.
• A total number of 170,000 resident and non-resident hotel guests from Canada stayed at hotel establishments in the UAE in 2021.
• The UAE has invested a total of AED 23.5 billon in Canada mainly on Industry, energy, aviation, financial and logistics services, real estate, healthcare, tourism, manufacturing and shipping sectors.
• Canadian direct investments in the UAE amounted to AED 3.6 billion until the beginning of 2021, recording a growth rate of 100 per cent over the preceding 8 years.

His Excellency Abdullah bin Touq Al Marri, Minister of Economy, highlighted strong bilateral ties between the UAE and Canada, shedding light on the relations that have grown at an exponential pace in the past years. These strong ties are supported by the leaderships of the two nations with an aim to enhance sustainable growth of their economies and promote well-being and prosperity of their people. This came during his meeting with His Excellency Omar Al-Ghabra, Canadian Minister of Transport, at the headquarters of the Ministry of Economy in Dubai.

His Excellency Al Marri said: “One of the UAE's key trading partners in North America is Canada. The UAE is eager to take bilateral ties to new heights in the coming stage, as well as to broaden and diversify the scope of cooperation in economic areas of shared interest in a way that supports the development agenda of the two countries and enhances the flexibility and competitiveness of their economies in a sustainable manner.”

H.E added: “The indicators of trade and mutual investments reflect the upward trend in relations between the two countries, as the volume of non-oil trade between the UAE and Canada amounted to more than 10.6 billion dirhams during the first nine months of 2022, achieving a growth of 14.6% compared to the same period in 2021, We anticipate creating new avenues for beneficial trade and investment cooperation with the Canadian government in the future and assisting business communities of the two nations in leveraging promising market opportunities, particularly in key spheres of shared interest such as transportation and logistics, space sciences, technology, food security, and renewable energy.”

His Excellency Bin Touq briefed the Canadian Minister of Transport on the achievements made by the UAE over the previous 51 years in fostering an economic environment that ensures business growth and prosperity, further drawing investments to carry out the vision of the wise leadership, which is aimed at developing an innovative knowledge-based economic model. In accordance with the goals of the 50 and the determinants of the UAE Centennial 2071, this model supports GDP sustainability by amending over 40 laws, including the percentage of foreign ownership to reach 100 per cent, issuing a system of legislation to protect intellectual property and patents, and encouraging innovation and the knowledge economy. Furthermore, it establishes cooperative laws that have the potential to enhance flexibility of the national economy and attracting investments to this vital sector, along with the Family Business Law, which maximises the contribution of this business model to support the GDP as well as the UAE's innovative strategy to attract outstanding talents in all sectors to enhance its position as a permanent hub for creativity and innovation.

H.E. further highlighted the advantages and incentives that the national economy provides, as well as the initiatives and programmes that Canadian businesses can benefit from to develop and thrive in the UAE and MENA markets including the Emirates Investment Summit "Investopia", which aims to create opportunities and enable future investments, as well as the Comprehensive Economic Partnership Agreements (CEPAs), which encourages mutual exports between the two countries.

Both parties agreed to boost air travel through national carriers from both nations and improve the flow of air freight between them. This will create new prospects for investments and expansions in this crucial sector, which will make a significant contribution to supporting the growth of the overall economy, particularly by enhancing tourism.

In 2019, there were over 45,000 visitors from the UAE to Canada, and 286,000 people between the two countries annually. According to data from the World Tourism Organisation, the number of Canadian residents and non-residents staying in UAE hotels in 2021 surpassed 170,000.

In the GCC region, the UAE was Canada's second-largest trading partner in 2021. The bilateral non-oil commerce amounted to AED 12.7 billion in 2021, with a growth of 59.3 per cent as compared to 2020. In the first nine months of 2022, the UAE's non-oil exports to Canada totalled over AED 1.2 billion, witnessing an increase of 9 per cent during the same period in 2021.

In the first nine months of this year, compared to the same time in 2021, Emirati re-exports to Canadian markets increased by 45 precent, totalling over AED 880 million. Over AED 8.4 billion worth of Canadian exports were made to the UAE in the first nine months of 2022, an increase of 13 per cent, as compared to the same period in 2021.

Until the beginning of 2021, Canadian direct investment in the UAE exceeded AED 3.6 billion, growing at a 100 per cent annual rate over the preceding 8 years. Emirati investments in Canada totalled to over AED 23.3 billion, until the beginning of 2021.

Canadian investments in the UAE are concentrated in the real estate, education, advanced and financial technologies, insurance, transport, storage, tourism, and manufacturing sectors, while the UAE's investments in the Canadian markets are focused on the aluminium manufacture, energy, real estate, gas, building and construction, healthcare, logistics, aviation, tourism, manufacturing, and shipping sectors.