Over the past five decades, Canada and the UAE have cultivated a strategic partnership grounded in shared values, economic growth, and a mutual commitment to addressing global challenges. As Co-Chairs of the Canada-UAE Business Council, we have witnessed this relationship flourish. Over the years, Canada has emerged as a frontrunner in innovation and sustainability, while the UAE has solidified its position as a global nexus for business, finance, and tourism. This partnership, which spans North America, Europe, Asia, and Africa, epitomizes multilateralism and economic collaboration, essential in today's interconnected world. As we navigate significant global shifts, we must explore ways to further deepen this collaboration.
On December 6 in Abu Dhabi, our organization will host the Canada-UAE Business Summit, in collaboration with the Mubadala Investment Company. This event, marking 50 years of our partnership, will bring together diplomats, government representatives, business executives, and industry experts to outline an ambitious roadmap for the future. With a focus on clean energy, artificial intelligence (AI), and finance, this summit signifies a new era in a relationship that has grown increasingly robust over time.
The UAE is one of Canada's primary trading partners in the Middle East and North Africa, consistently ranking among the top export markets in the region. Additionally, Canada's substantial diaspora in the UAE, numbering over 40,000, further fortifies the ties between our nations, underscoring the profound and enduring nature of this relationship. This strong partnership is also evident in the increasing investment flows between the two countries. UAE investments in Canada have surged to C$30 billion ($21 billion), strategically distributed across vital sectors such as infrastructure, energy, and technology. Conversely, Canada's total investment in the UAE, including assets under management and direct investments, is estimated to surpass C$21 billion ($15 billion), primarily concentrated in infrastructure and finance. These investments underscore the depth and vitality of their economic bond, fostering innovation and growth on both sides.
As global focus shifts towards sustainable development, Canada and the UAE are poised to lead in clean energy innovation. Both nations are harnessing their strengths and resources to advance technologies in small modular reactors (SMRs), hydrogen, and carbon capture and storage (CCS), all critical to reducing emissions and promoting a green economy. The UAE's enduring commitment to clean energy is exemplified through substantial investments, including Masdar City, a global model for sustainable urban living, and the UAE's Net Zero by 2050 Strategy. Similarly, Canada's proficiency in clean technology aligns with its ambitious climate objectives under the Paris Climate Agreement, emphasizing the reduction of emissions through low-carbon technologies like SMRs and hydrogen.
Through joint ventures in these pivotal sectors, Canada and the UAE are uniquely positioned to drive innovation in the energy transition. Together, they are tackling the dual challenge of reducing global emissions and advancing the technologies that will define the future of clean energy. The newly launched COP28-led Catalytic Transition Fund, a $1 billion initiative between UAE's ALTÉRRA and Canada's Brookfield Asset Management, will play a crucial role in supporting global clean energy projects and decarbonization efforts. This collaboration will facilitate the development of next-generation technologies, accelerating the global shift towards sustainable energy solutions.
By leveraging their strengths in clean technology and large-scale energy investments, Canada and the UAE are not only leading the regional energy transition but also setting the stage for a global green transformation. Canada's thriving tech sector, particularly in AI, cybersecurity, and advanced manufacturing, complements the UAE's status as a regional leader in digital transformation. In 2017, the UAE became the first country to appoint a Minister of Artificial Intelligence, demonstrating its commitment to becoming a global AI leader. The UAE National AI Strategy 2031 outlines a comprehensive plan to integrate AI into government, industry, and society, aiming to drive innovation and economic prosperity.
To establish itself as a regional and international hub for AI research, innovation, and development, the UAE has established institutions like the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), dedicated to advanced AI research and training future AI experts. G42, founded and headquartered in the UAE, operates on a global scale, further solidifying the UAE's leadership in AI development and deployment. By integrating AI into critical sectors, G42 plays a pivotal role in achieving the nation's strategic objectives. Additionally, initiatives like Dubai's Smart City strategy align seamlessly with Canada's technological advancements, creating fertile ground for partnerships that will shape the future of digital infrastructure, cybersecurity, and AI-driven services.
With Canada's financial sector renowned for its stability and regulatory strength, and the UAE's reputation as a major financial hub in the Gulf, finance represents a strategic area for collaboration. Enhanced partnerships between Canadian and Emirati banks, pension funds, institutional investors, venture capital, and sovereign wealth funds could boost cross-border investment opportunities. These connections can support large-scale projects and promote innovation, while building resilience in both nations' economies. The pandemic underscored the critical need for resilient healthcare systems and collaborative medical research, areas where Canada excels through its cutting-edge institutions and biotech innovations. The UAE's focus on advancing healthcare infrastructure creates a powerful platform for joint efforts in telemedicine, biotechnology, and medical research—key sectors for future partnership.
Education, equally vital to both nations, remains a cornerstone for societal progress. With Canadian institutions renowned for their standards and existing partnerships with UAE entities, expanding educational exchanges and training programs will not only elevate student outcomes but also help meet the global demand for skilled professionals. The Canada-UAE Business Summit arrives at a pivotal moment. As both nations celebrate their shared history, the summit provides a platform to chart an ambitious agenda for the future. Together, Canada and the UAE can address global challenges, from climate change to technological disruption, demonstrating how strategic partnerships transcend borders to create meaningful solutions.
This December, as Canadians and Emiratis gather in Abu Dhabi, they will reflect on fifty years of progress while paving the way for decades of prosperity, innovation, and partnership. The writers are Co-Chairs of the Canada-UAE Business Council.
Source link: https://www.khaleejtimes.com
