Dubai Exports taps technology and mining opportunities in Canada

Dubai Exports, the export promotion agency of the Department of Economic Development (DED) – Government of Dubai, recently led a successful trade mission to Canada, to create awareness among industry sectors and business leaders on the potential for collaboration and advantages of Dubai as a hub for exports and re-exports.

The mission, which included public and private sector representatives, held a series of discussions with Canadian businesses and professional bodies on technology transfer, research and innovation as well as on Islamic financial services and setting up companies in Dubai.

In Toronto, the provincial capital of Ontario, Dubai Exports along with Borden Loader Gravias, the largest law firm in Canada, hosted a Technology Transfer Roundtable Meeting with leading research and innovation centres. The aim was to identify commercially viable technologies that could be transferred to UAE companies to make them more competitive regionally.

Dubai Exports already has a Technology Transfer Platform, which seeks to connect global innovators looking at collaborative ventures with UAE firms. Engineer Saad Al Awadi, Chief Executive Officer of Dubai Exports remarked: “Technology transfer offers a good window to build on the growing economic relations shared between Dubai and Canada. We would like to see that our firms acquire the appropriate technological competencies and then only can they be truly successful in foreign markets.”

Together with Bennett Jones, another leading law firm in Canada, Dubai Exports also co-hosted various sessions and seminars for Canadian companies, especially those in the metals and mining sector. Dubai Exports briefed the Canadian company representatives on the benefits of establishing in Dubai and partnering with UAE firms to serve the regional market.

Canada is a world leader in the metals and mining sector and the industry is estimated to maintain a compounded annual growth rate (CAGR) of 7.1 per cent starting 2012 to reachUS$3999.5 billion (AED15 trillion approximately) by 2017.

“There is considerable resource mining activity in Africa as well as Central and Southeast Asia but poor logistics and infrastructure is a constraint for many firms wishing to enter the region. The geo-strategic location of Dubai along with its world-class infrastructure and facilities make it an ideal location for Canadian companies to base their mining operations to serve potential markets,” said Al Awadi.

Dubai Exports also hosted a seminar on Islamic Economy in Toronto along with the Toronto Financial Services Alliances. Research shows that Islam is the second most reported religion among people over 20 years of age in Canada. Toronto is the financial services capital of Canada, listed by Forbes magazine among the world’s top 10 economically powerful cities.

Speakers in the seminar included Janet Acker, former Minister of Finance for Canada, Abdullah Awar, CEO of the Dubai Islamic Economy Development Centre, Ahmed Bin Sulayem, Executive Chairman of Dubai Multi Commodities Centre (DMCC) and Ahmad Hareb, Senior Manager Sales – Americas at the Jebel Ali Free Zone Authority.

Abdulla Al Awar said: “In 2012, the UAE was Canada's biggest trade partner in the Middle East with a trade exchange reaching CAD 1.6 billion, and experts’ reports show that this trade exchange has a potential to continue growing". Al Awar further stated: "Canada represents an attractive market for companies participating in Islamic economic activities, with a Muslim population of 1.3 million, which could be easily served through a globally connected hub like Dubai and which would enable Canadian businesses to identify potential opportunities in the Middle East, Africa, and South Asian region.”

Emirate:  Dubai

Date: May 2, 2014

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