Canadian businesses in the UAE are expected to continue strong growth in 2007 following record exports to the UAE which topped $509 million in 2006. 

The figures were announced during Canada Week 2007, a week-long celebration that took place in the second half of February at the Fairmont Hotel in Dubai. AAKAR Developers, the leading Canadian real estate and property developer, extended its support to the event as sponsors and offered the Canadian Business Council a free office at its CBC Tower, which will be developed in Business Bay.
“As the UAE emerges as a favorite destination for a large number of Canadian companies, events such as Canada Week 2007 will help Canadian companies gain a deeper understanding of the regional markets by sharing of best practices, ideas and experiences,” said Yadvinder Singh, CEO, AAKAR Developers.
The volume of Canadian exports to the UAE topped $509 million in 2006 against $193 million in 2000 and has been growing faster than with any other country in the Middle East and North Africa. Over 40 Canadian companies have established offices in the UAE, and the Canadian embassy and consulate are currently assisting Canadian companies in pursuing over $2 billion worth of projects in the region.
“With over 40 Canadian enterprises with a firm presence in the UAE, trade mainly dominates Canada’s relations with this country. Events such as Canada Week 2007 will help both countries sustain the economic and social relationships and it is evident that the growth in bilateral trade between Canada and UAE has strengthened the interest of Canadian investors in the country. Further, events like these are also very essential in building socio-cultural bonds between the two countries and help us create a better understanding of Canadian art, literature and culture among residents of the UAE. We thank AAKAR for extending their support to this event and contributing to its success,” said Andrew Tice, chairman of Canadian Business Council.
AAKAR Developers Limited is involved in building the Dh200 million Canada Business Centre Tower (CBC) in Business Bay. AAKAR is primed for further expansion in regional markets, and is expected to announce more projects in the near future. The CBC Tower is AAKAR’s first project in the region and follows two years of research and over Dh500 million of investment.
“AAKAR is keen on supporting all events that promote Canada-UAE relations and help Canadian business enterprises set up operations in the UAE. We are glad that our CBC Tower, when completed in 2008, will symbolise Canada’s presence in the UAE, and we look forward to involving ourselves in similar landmark projects in the country,” concluded Singh.