Canada-UAE Business Council Board of Directors Meets with Federal Ministers

Ottawa, Canada (October 5, 2022) - The Canada-UAE Business Council (CUBC) hosted today its bi-annual Board of Directors meeting in Ottawa, Canada. The event featured special remarks by the Minister of Economy of the United Arab Emirates, His Excellency Abdulla bin Touq Al Marri, the Minister of Innovation, Science and Industry of Canada, The Honourable François-Philippe Champagne, the Minister of Transport of Canada, The Honourable Omar Alghabra, the Ambassador of the United Arab Emirates to Canada, His Excellency Fahad Al Raqbani, the Ambassador of Canada to the United Arab Emirates, His Excellency Kris Panday, and the newly appointed Chair of the Board of Invest in Canada, Karl Tabbakh.

Musabbeh Al Kaabi (Co-Chair of the CUBC and CEO of UAE Investments Platform, Mubadala Investment Company) and Jean Charest (Co-Chair of the CUBC and Partner, McCarthy Tetreault) presided over the meeting hosted at the Embassy of the United Arab Emirates in Ottawa, Canada. In their opening statements, the Co-chairs emphasized that Canada and the United Arab Emirates share strong commercial and people-to-people ties. The Co-Chairs highlighted recent bilateral successes, including Mubadala Capital’s acquisition of logistics business Canada Cartage, DP World’s development project for pulses with Adroit Canada and historic investment at Port Saint John, and Brookfield’s acquisition of First Abu Dhabi Bank’s payment unit, Magnati. The Co-Chairs stressed that vast opportunities for collaboration exist, particularly around food security, healthcare, innovation, education, and the energy transition as both countries aim to decarbonize their natural resources sectors and reduce their greenhouse gas emissions.

The United Arab Emirates was the first country in the Middle East and North Africa region to launch a strategy for net-zero emissions by 2050. As part of this national drive, the United Arab Emirates will host the 28th session of the Conference of the Parties (COP 28) to the United Nations Framework Convention on Climate Change (UNFCCC) in November 2023 at Expo City Dubai. The event will be the occasion of a crucial global stock-take, with the guiding principle of inclusivity to reflect the views and contributions of the public and private sectors, academics, and civil society.

Minister Abdulla bin Touq Al Marri, Minister François-Philippe Champagne, Minister Omar Alghabra, Ambassador Fahad Al Raqbani, and Ambassador Kris Panday underscored the importance of the Canada-United Arab Emirates strategic partnership, and the role of the CUBC in fostering the growing bilateral economic relationship.

The Ministers invited the Business Council to explore avenues for further collaboration to expand trade and investment flow, and boost job creation in both countries. Building off the discussion, Board members stressed the need for increased air connectivity to unlock the bilateral economic growth potential.

The Board of Directors meeting concluded with agreement by Directors on the Business Council’s priorities in key sectors for the rest of year and for 2023. The Canada-UAE Business Council remains committed to promoting long-term economic and commercial ties between Canada and the United Arab Emirates.

"We are pleased to serve as Canada’s number one export market in the Middle East & North Africa region, and stand as Canada’s 15th largest foreign direct investor, but this is just a small percentage of what can be achieved between our two strong trading nations.
We were proud to host EXPO Dubai this past year and deepen international collaboration in culture, trade and innovation, and we look forward to hosting Cop28 next November to further develop government-private sector solutions to create a sustainable environment for all, where no country is left behind."

- His Excellency Fahad Saeed Al Raqbani, Ambassador of the United Arab Emirates to Canada

“Canada and the UAE enjoy strong and warm relations. We are natural partners, in trade and investment, education, and people-to-people ties. There is considerable potential for our countries to deepen the relationship, particularly in the energy transition, food security, and job-creating investments. The CUBC is a key partner in our mutual success.”

- His Excellency Kris Panday, Ambassador of Canada to the United Arab Emirates