Dubai Builds On Bilateral Ties and Increasing FDI Inflows from Canada

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 and 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's 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 evidenced by the high profile Ontario Government participation led by Michael Chan, Minister of International Trade, Councillor 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," Al Harbi 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 AED367 million in financing start-up growth.