Dubai seeks more FDI inflows from Canada

Dubai seeks more FDI inflows from Canada

Al Gergawi, Mayor of Montreal, and UAE Ambassador to Canada Mohammed Saif Hilal Al Shihi

DUBAI — Industry leaders and innovators in Canada are looking at Dubai as a promising hub for expanding to new markets and pursuing further innovations, according to a trade mission that toured the Canadian cities of Toronto and Montreal recently. The mission led by Dubai Investment Development Agency (Dubai FDI), an agency of Dubai Economy, participated in a series of seminars and B2B meetings in the two cities during the recently concluded five-day visit.

Representatives from Dubai International Financial Centre (DIFC), Dubai Tourism & Commerce Marketing (DTCM), Dubai Multi Commodities Centre (DMCC), Dubai Science Park, Emirates Group, and DIFC Courts also participated in the mission, which sought to present Dubai’s unique advantages as a gateway and hub for connecting to new markets worldwide and growing sustainably.
The mission was also supported by the UAE diplomatic mission in Canada and Sultan Ali Al Harbi, UAE Consul General in Toronto, congratulated the mission for adding momentum to the ongoing strategic partnership between the two countries.

“The effective engagement with the mission was further evident by the high profile Ontario Government participation led by the Honorable Minister Michael Chan, Minister of International Trade; Councilor Michael Thompson, Chair of Toronto›s Economic Development Committee; and Alan O’Dette, Chief Investment Officer of Ontario Investment Office,” the Consul General said.

“The private sector was equally involved across the key meetings held, which raised further the profile of the Emirate of Dubai, the advantages it brings to the world and related opportunities; as a true hub for the region and beyond for financial services, innovative technologies, commodities trading, free zones, and tourism to name a few,” he added.

Fahad Al Gergawi, CEO of Dubai FDI, said the mission will go a long way in advancing UAE-Canada engagement, and attracting Canadian investments into Dubai’s knowledge economy initiatives.

“It’s the third consecutive year Dubai FDI has led a mission to Canada and such persistent focus saw Canada emerging as one of our top FDI source markets in 2016. More remarkable outcomes will follow as Canadian investors see significant opportunities in Dubai, particularly in the Dubai Plan 2021 and its focus on creativity, smart services, sustainability and happiness,” Al Gergawi added.

The delegation met with senior government executives and pioneers in different sectors in addition to visiting academic and business establishments, industrial sites and innovation hubs in the two cities. Mayor Denis Coderre received the delegation in Montreal and a number of B2B meetings were held with companies in the technology, financial services and design sectors.

In Toronto, the delegation visited the Bombardier Aerospace Regional Aircraft plant in addition to meeting with various innovative initiatives including the DMZ Incubator for tech start-ups at Ryerson University and OneEleven, accelerator and innovation hub that has already raised more than US$100 million (AED367 million) in financing start-up growth.

Ahmed Bin Sulayem, Executive Chairman, DMCC, said: “Dubai, and DMCC, has rapidly evolved as world leading, interconnected hub for trade. Everything we do at DMCC is fundamentally built to facilitate trade and attract FDI to the Emirate. We do this by collaborating with government entities such as Dubai FDI on a local and international scale and were delighted to take part in the recent visit to Canada to further strengthen our bilateral trade relations for mutual future growth”.

Issam Kazim, Chief Executive Officer of Dubai Corporation for Tourism and Commerce Marketing, said: “During the mission to Canada, a growing source market for visitors to the emirate, we were able to share with prospective investors a picture of the tourism landscape in Dubai and the opportunities in the sector here. Our team also provided a flavour of the lifestyle and rich culture available to those interested in establishing a presence in Dubai. On behalf of Dubai Tourism, I would like to thank Dubai FDI for arranging this mission to Canada, and we look forward to working with them and other key partners and stakeholders in promoting Dubai around the world.” — SG