Khadija Turki - Dubai Tourism - Tourism Landscape and Opportunities
Mark Beer, OBE - DIFC Courts - Making business safe - DIFC Courts
William Riverin - Raymond Chabot Grant Thornton - Tax Challenges and Opportunities in the UAE
Don McWilliam - Emirates - Greetings from Emirates
Al Hinton - Dubai FDI - Why Dubai
Hamad Al Zarooni - Dubai Science Park - Dubai Science Park Opportunities
The activity in brief
The United Arab Emirates (UAE) offers a stable and prosperous economy, a modern political regime, and a complete exemption from customs duties for Québec exporters.
The largest importer of Canadian products in the Middle East and North Africa, and the world’s 15th largest export market, the UAE is a key market for diversifying your business abroad, where you can take advantage of a booming economy, consolidate your presence, or begin your company’s ascent.
Attend the seminar on May 16, during which experts will present the Emirates’ most recent sectoral outlooks and provide practical advice to help generate strong trade relationships and lasting business partnerships in the United Arab Emirates.
A unique opportunity to…
- Understand the business context in the EAU and how it is evolving
- Get expert advice
- Update your knowledge of the prospects in various sectors
- Identify relevant business opportunities for your company
- Hear testimonials from Québec entrepreneurs who have found success on the market.
Why the Emirates?
- The United Arab Emirates (UAE) is the 15th largest export market in the world and the largest importer of Canadian goods in the Middle East and North Africa.
- Close to 40,000 Canadians work in over 150 Canadian companies that have based their operations mainly in the regions of Abu Dhabi and Dubai, where Canadian business councils are quite active.
- Abu Dhabi and Dubai make up close to 90% of the GDP, and respectively and in tandem ensure the production of hydrocarbons and the development of services and industry.
- Abu Dhabi mainly invests in the heavy industry, high-tech, and renewable energy sectors, while Dubai is trying to position itself as a global hub of trade.
- The Free Trade Zones (15% of the country’s trade) in the UAE offer Québec exporters a complete exemption from customs duties, full rights to repatriate capital and profits, assistance with recruiting labour, an absence of corporate tax for 15 years—renewable for 15 additional years—, simplified procedures and regulations, increased security for people and goods, and an ultramodern infrastructure.
- Over the last few years, Québec exporters have made significant inroads in several sectors, including clean energy, infrastructure, real estate, construction, electricity, and information and communications technology.
- In 2010, planned and ongoing construction projects totalled over $800 billion US.
- The designation of the UAE as a priority market in Canada’s Global Market Action Plan (GMAP) in November 2013 and the announcement of the start of official negotiations towards a Foreign Investment Promotion and Protection Agreement (FIPA) last July reflect the growing interest that Canada and Québec have taken in this booming market.
Airports and Aerospace
The Middle East is a highly profitable market for aviation and airport development.
- In Dubai, the aviation sector alone represents 27% of the GDP, globally propelling the Gulf’s three airlines to a faster pace of growth than all other airlines.
- In the region, there is an increasing demand for innovative products and services, resulting in great potential for technology and construction companies seeking to work in this industry.
- Projected construction for Phase 2 of the Al Maktoum International Airport (AMIA) and Abu Dhabi International Airport offers new business opportunities to meet the needs of 200 million passengers per year.
The growth of the clean energy sector is the result of a prioritization of products with a low environmental footprint in the UAE market:
- The UAE has the 7th largest oil and gas reserves in the world.
- The Zakum offshore oil field is the object of a vast expansion project.
- The country’s ecological strategy offers opportunities for companies operating in the renewable energy, recovery, and petrochemical and nuclear waste reduction sectors.
The health care sector in the EAU has developed due to a regular increase in population, high income, increased health awareness, and an increase in diseases related to the current lifestyle.
The construction of new hospitals and medical centres offers business opportunities in several sectors:
- High-quality equipment supply
- Health care institution management
- Infrastructure and construction
- Digital health care solutions
- Filling needs in the areas of oncology, paediatrics, mental health, primary care, trauma, emergency services, and long-term rehabilitation
- High-quality training and education programs for medical personnel.
Infrastructure and construction
Urbanization and a young population are fuelling demand in the leisure, infrastructure, real estate, and public services sectors. As the gateway to other Middle East markets, the United Arab Emirates offers high levels of investment in social infrastructure, economic diversification, and tourism and event-based construction.
Major projects are planned in the next five years, including:
- The extension of the Abu Dhabi International Airport
- The development of Saadiyat Island
- The Etihad Rail project
- The Khalifa industrial zone
- Theme parks in Dubai
- The Bluewaters and Citywalk projects
- Dubai South Airport (formerly World Central)
- The Museum of Modern Art and Dubai Opera
- The extension of the Dubai metro to the Expo 2020 site
- The water canal project
- The Union Museum
United Arab Emirates – Facts and Figures:
- A stable and prosperous economy
- A modern political regime
- A market of over 9.5 million consumers
- In 2015, an export value of $338.2 M CAD for Québec (20% of the total value of Canadian exports to the UAE)
- Québec’s 2nd largest client in the Middle East, after Saudi Arabia
- Ranked 26th out of 190 economies in terms of ease of doing business
- An estimated GDP of over $480 billion CAD in 2015
- One of the highest per capita incomes in the world
- A member of OPEC, the United Nations, the World Trade Organization, the Arab League, and the Gulf Cooperation Council
- An oil and gas sector representing 30% of the GDP
- The 7th largest oil and gas reserves in the world (98 billion barrels)
- Growing income from tourism
- The Universal Exposition in Dubai in 2020
Who should attend?
This activity will be of particular interest to companies in the following sectors:
The United Arab Emirates: fertile ground in an economy on the rise.
- Environment, clean energy and technology
- Infrastructure, real estate, and construction
- Information and communications technology
- Defence and security
- Transportation services
- Design and architecture
- Machinery and equipment
- Oil and natural gas
- Life sciences
- Financial services
- Professional services
- Mines and metals