Canada and the United Arab Emirates Celebrate 50 Years of Partnership at Business Summit
December 6, 2024
Abu Dhabi, United Arab Emirates – The Canada-UAE Business Summit, held in Abu Dhabi, commemorated 50 years of diplomatic and commercial relations between Canada and the United Arab Emirates (UAE). Hosted by the Canada-UAE Business Council (CUBC) and Mubadala Investment Company, the summit celebrated the enduring partnership between the two nations while setting the stage for future collaboration.
Sponsored by Hatch, the summit brought together prominent business leaders, senior government officials, and leading industry experts to reflect on past successes and identify opportunities for enhanced cooperation. Key discussions centered on strengthening investment ties, driving the energy transition, and harnessing advanced technologies to fuel sustainable growth. The event featured three engaging panel discussions where speakers shared strategies that have strengthened Canada-UAE relations and outlined actionable pathways for growth in sustainable energy, artificial intelligence, and finance.
His Excellency Abdulla bin Touq Al Marri, Minister of Economy of the United Arab Emirates, delivered a special address emphasizing the strategic importance of the Canada-UAE commercial partnership. He outlined opportunities for growth in transformative sectors, reaffirming the critical role of bilateral cooperation in achieving shared economic priorities.
Musabbeh Al Kaabi, Co-Chair of the Canada-UAE Business Council and Executive Director of the Low Carbon Solutions and International Growth Directorate at ADNOC, highlighted in his opening remarks: "The enduring commercial partnership between the United Arab Emirates and Canada, developed over five decades, reflects our shared commitment to fostering mutual prosperity and sustainable growth. This summit underscores our collective vision for a diversified economy, with a strong focus on energy transition, innovation, and sustainable development. Both nations' leaderships have been instrumental in shaping this vision, supporting initiatives that will drive future collaboration. We are eager to expand our cooperation across key sectors—particularly those that will define the future of both countries and the global economy."
His Excellency Sultan Bin Saeed Al Mansoori, Special Envoy for Canada of the Minister of Foreign Affairs of the United Arab Emirates, and His Excellency Kris Panday, Ambassador of Canada to the United Arab Emirates, also delivered opening remarks. They emphasized the longstanding significance of the Canada-UAE bilateral relationship. They underscored the shared vision for sustainable growth, innovation, and collaboration in key sectors.
The summit highlighted the strategic Canada-UAE commercial partnership, which continues to expand through robust trade, significant investment flows, and strong people-to-people connections, including over 150 Canadian companies operating in the UAE and a thriving Canadian community of over 45,000. UAE investments in Canada have reached CAD 30 billion, strategically allocated across key sectors, including infrastructure, energy, and technology. Mubadala has played a pivotal role, backing key ventures such as Nova Chemicals, Cartage Canada, and CoolIT. Similarly, Canadian investments in the UAE have surpassed CAD 20 billion, bolstered by transformative projects like CDPQ's strategic financing of DP World’s logistics infrastructure and Brookfield Asset Management’s acquisitions in First Abu Dhabi Bank’s payments business and Network International.
“Celebrating 50 years of diplomatic relations between Canada and the UAE, this summit marks a milestone in what has been an incredibly productive and forward-thinking partnership,” said the Honourable Jean Charest, Co-Chair of the Canada-UAE Business Council and Partner at Therrien Couture Joli-Coeur. “As we look to the future, this event underscores the continued strength of our economic ties, driven by a shared commitment to sustainability, innovation, and diversification. Canada and the UAE have worked together to create a robust foundation for collaboration in critical sectors such as food security, technology, energy transition, healthcare, finance, and infrastructure. We are focused on unlocking new opportunities that will support long-term growth for both of our economies, positioning us as leaders in the global marketplace.”
The Canada-UAE Business Summit reaffirmed the deep and expanding ties between the two nations while charting an ambitious agenda to address global challenges and seize emerging opportunities. Through dynamic collaboration across critical sectors, the partnership between Canada and the UAE continues to evolve, setting an example of how bilateral relationships can drive meaningful impact on a global scale.
About the Canada-UAE Business Council
The Canada-UAE Business Council (CUBC) is an initiative spearheaded by the federal governments of the United Arab Emirates (UAE) and Canada to facilitate trade and investment between the two countries. This high-level business organization supports the development of long-term partnerships and undertakes strategic and targeted initiatives to enhance bilateral commercial relations. For more information, visit: canadauaebusinesscouncil.org.
About Mubadala Investment Company
Mubadala Investment Company — a sovereign investor — manages a diverse portfolio of assets and investments in the United Arab Emirates and abroad to generate sustainable financial returns for its shareholder, the Government of Abu Dhabi. Mubadala is investing and partnering at the leading edge of global growth and innovation to create opportunities for future generations. mubadala.com
