DCCI receives a top Canadian trade delegation

Headed by His Excellency Mark Eyking, Parliamentary Secretary to the Minister of International Trade in Canada, accompanied by His Excellency David Hutton, Ambassador of Canada to the UAE, His Excellency Graham Rush, Head of the Canadian Consulate and Senior Trade Commissioner in Dubai, Dr. Mohammed Azzam, President of the Canada-Arab Business Council, and directors and representatives of more than 25 top Canadian establishments and companies.

The meeting was attended by Mr. Abdul Rahman Ghanem Al Mutaiwee, Director General of DCCI, Mr. Sultan Majid Lootah, Director of Business Promotion at the Department of Trade and Industrial Development in DCCI, and a number of the Dubai Chamber's members and representatives of companies working in Dubai which are planning to hold trade partnerships with their counterparts of the Canadian companies.

Al Ghurair welcomed the Canadian delegate stressing the strong economic and trade relations between Dubai and Canada which reflect the understanding of Dubai's trading partners and the importance of Dubai as a business hub in the region and the entire Middle East.

"Dubai's non-oil foreign trade has recorded a remarkable growth in the last few years to reach AED 215.7 billion in 2004, compared to AED 95.5 billion in 2000. The figures reflect a 126 % increase and an annual average growth rate of 22.6 %," said Al Ghurair.

He pointed out that Canada is one of the important trading partners of Dubai. In the last five years, the total bilateral trade between the two partners has increased by 36 % and the number of Canadian companies operating in Dubai surged to 452 companies this year, according to the DCCI database.

The DCCI's 1st Vice President noted that Dubai's total non-oil foreign trade with Canada reached AED 921.7 million in 2004, as the total value of Dubai's imports frm Canada reached AED 788.4 million, while Dubai's total exported products to Canada reached AED 77.2 million, and its re-exports to Canada reached AED 56.1 million.

Dubai's imported commodities from Canada included machinery and mechanical appliances, electrical equipment, natural or cultured pearls, precious or semi-precious stones and metals, vegetables, wood and articles of wood.

Dubai's exported and re-exported goods included textile products, machinery, mineral and chemical products. Al Ghurair said: "We look forward to seeing larger volumes of our manufactured goods in the Canadian markets."

He also briefed the Canadian delegation about the economic development which Dubai is witnessing in all fields of construction, finance, tourism, communications and information, which have all helped Dubai to become an international business center which has acquired the trust of international financial organizations which have helped Dubai to achieve increasing rates of growth during the past few years.

"Dubai is considered as the allocation movement pioneer through reinforcing the participation of the private sector in the development process. This had a positive reflection on all economic sectors and direct impact on reviving internal investments through giving investors the opportunity to invest in valuable projects," Al Ghurair added.

He gave examples such as the Dubai Holding Company which has been tasked with the management of various mega projects in Dubai that were established over the past few years. Its companies deal with information technology, media, health care, tourism, real estate and property, energy, industrial research and humanitarian-related projects.

"This has encouraged us to invite the leading Canadian companies engaged in trading, banking and financial services, tourism, information technology, manufacturing and communication to establish direct and joint investments with their counterparts in Dubai and Dubai Free Zones," said Al Ghurair.

He highlighted the significant role of the Canadian Business Council, which is operating under the umbrella of the DCCI, in supporting the activities of the Canadian businessmen in the UAE. He showed the DCCI's readiness to provide all kinds of facilities and support to the Canadian business community intending to invest in Dubai, in addition, to the importance of launching and increasing flights on Emirates and Air Canada between Dubai and Canada which will play a key role in supporting and improving bilateral trade between both countries.

Mr. Abdul Rahman Ghanem Al Mutaiwee, Director General of DCCI, spoke about the importance of enhancing the trade ties between Dubai and Canada, stressing the DCCI's keen interest on arranging such gatherings due to its importance in introducing the business community in Dubai to the leading economic activities and trade in the countries of the world. He noted that the meeting also discussed the activation of bilateral trade cooperation between Canada and Dubai and opening new channels of communication and exchanging expertise between the business communities in both countries.

His Excellency David Hutton, Ambassador of Canada to the UAE, underlined the importance of this meeting in discussing the investment opportunities available in Dubai and for its role in enhancing the trade and economic ties between the business communities in Dubai and Canada, under the umbrella of the DCCI.

"There are many Canadian companies operating in Dubai and we look forward for these companies to improve their businesses and open channels with other major Canadian companies to set up partnerships with their counterparts in Dubai," said Hutton.

Dr. Mohammed Azzam, President of the Canadian-Arab Business Council, highlighted the need to enhance the friendship between Dubai and Canada through developing trade exchange between the two countries.

His Excellency Graham Rush, Head of Canadian Consulate and Senior Trade Commissioner, highlighted the importance of enhancing cooperation with the DCCI to help facilitate the process of developing trade relations between the businessmen and investors in both countries.