Montréal, May 27, 2015 – Montréal International (MI) and the Dubai Investment Development Agency (Dubai FDI) announced the signing of a memorandum of understanding to promote and strengthen bilateral economic relations between Greater Montréal and the United Arab Emirates (UAE).
H.E. Mohammed Saif Helal Al Shehhi, the UAE Ambassador to Canada, Mrs. Dominique Anglade, President and CEO of Montréal International, and Mr. Ibrahim Ahli, the Director of Investment Promotion Division, Dubai FDI, were on hand when the agreement was made official.
“It is agreements such as these that help promote our bilateral trade and economic relations, and it cannot be stressed enough that the UAE looks forward to ever increasing our relations with Québec and Canada,” said H.E. Mohammed Saif Helal Al Shehhi, the UAE Ambassador to Canada. “I am proud to state that Québec is the UAE’s second largest trading partner among Canadian provinces, with exports totalling some $400 million in 2014. All these are positive signs to a wide horizon in flourishing bilateral trade and investments for the common interest of the two sides.”
Investors from the Middle East have become key players in the region according to Montréal International—the economic development agency of Greater Montréal. “The United Arab Emirates is a fast-growing market and a significant source of capital for Québec,” said Dominique Anglade, President and CEO of Montréal International. “We must continue promoting the advantages offered by Greater Montréal in order to build strong economic ties with Dubai and thus raise our profile in the Middle East and attract foreign investment to our metropolitan region.”
“Dubai and Greater Montréal can find substantial common ground and partnership potential in their economic development strategies”, said Mr. Ibrahim Ahli, Director of Investment Promotion Division at Dubai FDI. “Clean technology, aerospace, logistics and transportation, information technology, etc… are thrust areas of Dubai’s strategy to evolve as a knowledge-based economy and Greater Montréal has dedicated industry clusters in all these sectors.”
This agreement also calls for both economic partners to support business relationships between industrial clusters in Greater Montréal and Dubai, and share best practices to attract foreign direct investment.
The UAE is one of Canada’s key trading partners, with Canadian exports exceeding a billion dollars for the seventh consecutive year. More than 200 Canadian subsidiaries, including SNC-Lavalin, Bombardier and CAE, have offices there.
About Montréal International
Montréal International (MI) acts as an economic driver for Greater Montréal to attract foreign wealth while accelerating the success of its partners and clients. Its role is to attract foreign investment, international organizations and skilled workers to Greater Montréal, and promote the region’s competitive environment. MI also works to find the best ways to position the region as an attractive investment destination, and make recommendations to various levels of government to support Québec’s job-creating, high-value-added industries.
Created in 1996, Montréal International is a non-profit organization funded by the private sector, the governments of Canada and Québec, the Communauté métropolitaine de Montréal (Montréal Metropolitan Community) and the City of Montréal.