December 23, 2022
2 mins read

UAE, Canada review ties in transport sector

During the meeting, Al Marri stressed that Canada is one of the UAE’s strategic trade partners in North America, noting the country’s keenness to boost their bilateral ties to new and elevated levels…reports Asian Lite News

Abdullah bin Touq Al Marri, Minister of Economy, highlighted the deep-rooted relations between the UAE and Canada, and noted that they have witnessed significant overall growth, aided by the support of their leadership.

He made this statement during his meeting with Omar Alghabra, Canadian Minister of Transport, at the headquarters of the Ministry of Economy in Dubai.

During the meeting, Al Marri stressed that Canada is one of the UAE’s strategic trade partners in North America, noting the country’s keenness to boost their bilateral ties to new and elevated levels.

The statistics on the trade exchange and mutual investment between the two countries highlight their advancing bilateral ties, he added. The non-oil trade between the UAE and Canada totalled more than AED10.6 billion in the first nine months of 2022, an increase of 14.6 percent compared to the same period in 2021.

He also affirmed his keenness to enhance the UAE’s cooperation with the Canadian government in strategic areas of mutual concern, including transport, logistics, space, technology, food security and renewable energy.

During the meeting, Al Marri briefed Alghabra about the UAE’s achievements over the past five decades, including establishing an economic environment that supports business growth and attracts investments, in line with the forward-looking vision of the UAE’s leadership to establish an innovative economic model based on knowledge.

He also mentioned amendments to over 40 laws, such as one that allows foreigners to have full ownership of Emirati businesses.

The number of passengers travelling from the UAE to Canada was more than 45,000 in 2019 while the air traffic between the two countries witnesses some 286,000 passengers per year.

The number of Canadian visitors staying in hotels in the UAE reached 170,000 residents and non-residents in 2021, according to figures from the World Tourism Organisation.

The UAE is the second leading trading partner of Canada in the Gulf Cooperation Council (GCC) and the region in 2021, with their non-oil trade amounting to nearly AED12.7 billion in 2021, a rise of 59.3 percent compared to 2020 while Emirati non-oil exports to Canada amounted to more than AED1.2 billion during the first nine months of 2022, an increase of 9 percent compared to the same period in 2021.

Emirati re-exports to Canada totalled more than AED880 million, a rise of 45 percent in the first nine months of this year compared to the same period in 2021 while Emirati imports from Canada amounted to more than AED8.4 billion during the first nine months of 2022, an increase of 13 percent compared to the same period last year.

Canadian direct investments in the UAE until the start of 2021 amounted to AED3.6 billion, a rise of 100 percent over the past eight years while Emirati investments in Canada totalled some AED23.3 billion until the start of 2021.

ALSO READ: IMF lauds UAE economy’s quick survival from COVID-19

Previous Story

Kazakh envoy calls Emirati-Kazakh ties ‘a successful model’

Next Story

GCC’s digital economy advancing rapidly: Oman

Latest from -Top News

Goyal Courts Global CEOs in Paris

Piyush Goyal is on an official trip to France with the aim of boosting trade and investments…reports Asian Lite News Commerce and Industry Minister Piyush Goyal met with leading global CEOs in

India Gains Malaysia’s Backing on Terror

The visit of the all-party delegation to Malaysia is part of India’s strategic outreach to garner international support against cross-border terrorism emanating from the soil of Pakistan….reports Asian Lite News An Indian

India Signals FTA with Oman

The talks for the free trade pact with Oman started in November 2023, and Goyal visited the Gulf country from January 27 to January 28….reports Asian Lite News Commerce and Industry Minister

Hasina Charged with Crimes Against Humanity

The charges, which were made public on Sunday, mark a significant turn in the political landscape of Bangladesh…reports Asian Lite News Former Bangladesh Prime Minister Sheikh Hasina has been formally charged with

Syria Strikes $7b Deal

The agreements, signed in the presence of Syrian leader Ahmed al-Sharaa, mark a total investment of 7 billion U.S. dollars…reports Asian Lite News – Syria signed a series of memoranda of understanding
Go toTop

Don't Miss

UAE youth unite to make COP28 the most inclusive

The programme brings together ten participants from six different nationalities,

MBZ meets Emirati students and doctors in France

The UAE President underscored the role of Emirati students studying