The United Arab Emirates and Canada reaffirmed their commitment to strengthening economic ties at the recent Canadian-Emirati Investment Summit held in Abu Dhabi. The summit, a collaborative effort between the Canada-UAE Business Council, ADNOC, and XRG, brought together key government officials, institutional investors, and private sector leaders from both nations, signaling a new era of investment cooperation. This event underscores the growing importance of the relationship between the two countries and their shared vision for future growth.
A Landmark Summit for Bilateral Investment
The Canadian-Emirati Investment Summit wasn’t merely a meeting; it was a powerful statement of intent. Participants highlighted a mutual ambition to bolster strategic investments and accelerate collaboration across crucial sectors. The presence of high-profile figures like Canadian Prime Minister Justin Trudeau, Dr. Sultan Ahmed Al Jaber (Minister of Industry and Advanced Technology, ADNOC MD & CEO, and XRG Chairman), Dr. Thani bin Ahmed Al Zeyoudi (Minister of Foreign Trade), and Mohamed Hassan Alsuwaidi (Minister of Investment and CEO of ADQ) demonstrated the significance placed on this partnership.
The summit served as a platform to discuss vital areas for growth, including energy, technology, infrastructure, and artificial intelligence. A key focus was on attracting institutional and alternative capital, aligning with national investment priorities, and fostering innovation.
Strengthening Ties Through Strategic Partnerships
The existing strong relationship between the UAE and Canada was a recurring theme throughout the summit. Mubashir Al Kabi, CEO of ADNOC’s Exploration, Development & Production division and Co-Chair of the Canada-UAE Business Council, emphasized the robust and dynamic nature of the investment link. He noted that bilateral investment partnerships have already exceeded AED 260 billion, fueling a desire for even greater collaboration.
“By enhancing our cooperation, we can accelerate the development of innovative solutions in energy, technology, and infrastructure, contributing to long-term value creation for our economies and supporting the next phase of growth and prosperity,” Al Kabi stated. This sentiment reflects a shared understanding that combined strengths can unlock significant opportunities.
New Agreements and Collaborative Initiatives
A significant outcome of the summit was the signing of several new agreements designed to facilitate and deepen investment cooperation. These included:
- Investment Cooperation Agreement: Invest Canada and the UAE’s Ministry of Investment signed an agreement to enhance investment flows between the two countries, building investor confidence and streamlining processes.
- Cybersecurity Partnership: BlackBerry and the UAE Cybersecurity Council announced a partnership focused on cybersecurity and secure communications, addressing a critical need in the digital age.
- AI Innovation Collaboration: Mila, a leading AI research institute, and the UAE’s Technology Innovation Institute forged a strategic partnership to promote innovation in artificial intelligence.
These partnerships demonstrate a commitment to diversifying economic ties beyond traditional energy sectors and embracing the future of technology. The focus on strategic investments in areas like AI and cybersecurity positions both nations as forward-thinking leaders in the global economy.
Boosting Trade and Investment Volumes
Dr. Thani bin Ahmed Al Zeyoudi highlighted the depth of the existing trade relationship, noting that current trade volume stands at CAD 3.4 billion. This figure underscores the potential for further expansion, particularly in light of the new agreements and initiatives launched at the summit.
Several leading institutions and companies participated in the event, including Mubadala Investment Company, ADQ, E&, Power Sustainable, TD Securities, Inovia Capital, Mila, TELUS Digital, Space42, and the Technology Innovation Institute. Their presence and contributions showcased innovative ecosystems and promising opportunities for collaboration. Discussions centered on stimulating institutional capital, alternative investments, and enhancing competitiveness through AI, alongside practical pathways for joint investment, technology development, and strengthened UAE-Canada cooperation.
The Role of Innovation and Technology
The summit consistently emphasized the pivotal role of innovation and technology in driving future economic growth. Participants explored how collaboration in these areas could lead to breakthroughs in energy efficiency, sustainable infrastructure, and advanced digital solutions. The partnerships between Mila and the Technology Innovation Institute are particularly noteworthy, as they aim to foster a vibrant ecosystem for AI research and development.
Furthermore, the focus on cybersecurity reflects a growing awareness of the need to protect critical infrastructure and data in an increasingly interconnected world. The partnership between BlackBerry and the UAE Cybersecurity Council will contribute to strengthening cybersecurity capabilities in both countries. This emphasis on technology collaboration is a key differentiator for the UAE-Canada relationship.
Looking Ahead: A Renewed Commitment to Growth
In his closing remarks, Jean Charest, Partner at Therrien Couture Joli-Coeur and Co-Chair of the Canada-UAE Business Council, reiterated the shared commitment to strengthening the economic and investment partnership between Canada and the UAE. He emphasized the importance of continued collaboration in driving innovation and creating new opportunities for sustainable growth and long-term prosperity for both nations.
The Canadian-Emirati Investment Summit has undoubtedly laid a strong foundation for future collaboration. The agreements signed, the discussions held, and the relationships forged will contribute to a more robust and diversified economic partnership between Canada and the UAE, benefiting both countries for years to come. The focus on bilateral trade and strategic sectors positions this relationship as a model for international economic cooperation in the 21st century.