DUBAI: As UAE’s business and trade relations with the UK and Canada flourish, the collaboration is the key in current economic circumstances to set global footprint for UAE startups. Canada and the UK Startup Visa Programmes in innovation and tech are in high demand in these countries. The potential for UAE startups and entrepreneurs is significant at the back of UAE’s current trade volume with the UK at US$28.4 Billion (AED104 billion) and US$2.9 Billion (AED 10.6 billion) with Canada.
It was highlighted by the speakers at a business immigration forum held recently in Dubai. The panel focused on Canadian and UK immigration and business migration, which was led by the Canadian barrister Mr. Shahrukh Zohaib, CEO and Founding Partner of Ace Luxury Immigration Solutions, a Canada-based immigration law firm with the MENA region headquarters in Dubai.
Mr. Shahrukh Zohaib, said: “I have a personal experience of migrating from the UAE to Canada and pursued higher law education and practiced in Canada. Based on the diverse experience of two regions, I hold a strong belief that the startups and SMEs on both sides can push two-way investment volumes two-fold in the next five years, which could create a flourishing business corridor for companies, thousands of new jobs and adding up to the FDI.”
UAE-Canada Economic Ties:
With the ever-evolving investment landscape, the relationship between Canada and the UAE continues to grow stronger with great potential for the future. Take the figures alone, which are clear proof of the work being done between these two trade powerhouses. Statistics Canada’s recent data reveals that bilateral trade between Canada and the UAE was up by 1.6% in the last year.
This is certainly not a one-off; this trend is holding strong in 2023, with significant increases seen in just the first few months.
Furthermore, bilateral investment has also grown, with an impressive 9% increase in the last year.
Dubai also recently released its 2022 foreign direct investment (FDI) figures that show more impressive news: Canada is the top source country for FDI capital, accounting for a staggering 41% of total flows.
Amidst the friendly environment and economic stability, it provides an ideal chance for businesses in both countries to collaborate, expand and grow.
Mr. Syed Abbas: Managing Director of Ace Luxury Immigration Solutions, said: “post covid, we are witnessing a mushroom growth of immigration and citizenship firms. It reflects the rising demand and desire for business migration, global mobility and the freedom of moving around the world without restrictions. We at our firm are receiving growing enquiries for Canada, the UK and companies from two countries asking for business setup in the UAE. UAE views Canada as a source of great technology and innovation and is keen to partner with Canadian expertise and talent. Similarly, Canada and the UK see the UAE as a source of investment and talent.”
Looking ahead to the rest of 2023 and 2024, Ace Luxury Immigration Solutions has its sights set on several events and platforms to strengthen the UAE’s presence in Canada and the UK.
According to a media report published by Entrepreneur magazine, Canada is actively fostering people-to-people ties through air travel as well, which, in turn, paves the way for more entrepreneurial opportunities. An expanded air transportation agreement (ATA), signed in April 2023 between Canada and the UAE has led to increased direct flights between the two countries. This has seen a marked increase in routes linking Abu Dhabi and Dubai to Toronto, Montreal, and Vancouver.
UAE-UK Economic Ties
According to the latest statistics by the UK Department of Business and Trade, total trade in goods and services (exports plus imports) between the UK and the UAE is £23.1 billion (AED104 billion) in the four quarters to the end of Q1 2023, an increase of 63.1% or £8.9 billion in current prices from the four quarters to the end of Q1 2022.
The economic ties between the UAE and the UK have the potential for further growth and cooperation.
