Dubai Group to host Canadian economic delegation's visit to Dubai

Dubai Group is to play host to a high-level delegation from the Calgary Business Connections mission, led by the Mayor of Calgary, Dave Bronconnier, as part of a five-day mission to build and promote ties between the city and the Emirate.

Both Dubai and Calgary are traditional oil and gas dependent economies that have been striving to diversify and have been experiencing accelerated economic growth. In 2006, Dubai's GDP grew 11 per cent, while that of Calgary grew 7.3 per cent.

Soud Balawy, CEO of Dubai Group, said: "Dubai Group's investment mandate has a global reach, and investment in Calgary's business segments has been identified as mutually beneficial for both cities. Buiding on our visit to Calgary, which provided first hand impressions of the investment opportunities the city offers, we will show the Calgary delegation the immense opportunities available in Dubai."

Among the key goals of the visiting delegation is to build relationships with Dubai's business and institutional leaders, as well as to develop a Middle East presence in order to forge connections with other regional cities. Also on the agenda is an exchange of information and expertise on real estate, as both cities are currently experiencing a boom in that sector.

Mayor Bronconnier said, "The visit to Dubai is an important trade mission for Calgary. We want to expand our global ties while we are experiencing this high growth. We are meeting with key international business people, and I feel the relationships forged with these business leaders could contribute to Calgary's growth for years to come."

Accompanying Mayor Bronconnier are Bruce Graham, President and CEO of Calgary Economic Development, Julien DeSchutter, VP of Calgary International Airport, and a delegation of Calgary companies and businesses.

"As the fastest-developing economy in Canada and one of the fastest in North America, Calgary is taking advantage of its golden opportunity to establish international ties that will promote its diversification process. It is part of Calgary Economic Development's mandate to promote Calgary companies through trade missions, in order to diversify beyond Calgary's usual strengths," said Graham.

The non-oil sector contributed to 90 per cent of Dubai's GDP in 2000, and 95 per cent in 2005. In the same time period, Calgary's non-oil sector grew from 82.8 per cent to 86.5 per cent of the city's GDP.