A United Arab Emirates (UAE) newspaper reports that Saskatchewan’s latest trade and development office has been officially opened in Dubai as of Jan. 17.
Saskatchewan Minister of Trade and Export Development Jeremy Harrison was in Dubai on Monday to open the new office, which will be co-housed with the Canadian Consulate in the city. It will have three employees: one Canadian managing director and two local employees.
As reported in August 2021, the province is proceeding with a major expansion of its foreign-trade-promoting office network. Saskatchewan’s Chinese office has been operating since 2010. The offices in Japan, India, and Singapore, however, have only been open since January 2021.
Dubai is the first of four additional trade and investment offices, including London, England; Mexico City, Mexico; and Ho Chi Minh City, Vietnam. A spokesperson for the Government of Saskatchewan’s Ministry of Trade and Export Development said those offices will be fully operational by the end of the fiscal year. The ministry’s statement also confirmed that the information in the Gulf News article is accurate – it was supplied to Gulf News by the ministry in cooperation with Global Affairs Canada and the UAE Ministry of Foreign Trade.
Gulfnews.com quotes Jean-Philippe Linteau, Consul General of Canada in Dubai and the Northern Emirates, as saying that “I am very pleased to see the opening of a Saskatchewan trade office in Dubai. This is the demonstration of the growing trade and investment relationship between the UAE and Canada. The UAE is an import partner and business hub for Canada in the MENA region.”
The Middle East and North Africa (MENA) region includes countries such as the UAE, Saudi Arabia, Israel, Iraq, and Iran. The region is vital for its oil and gas production.
The province’s international office site has not yet been updated to reflect the office’s opening, saying only that it is coming soon. The purpose of the office as stated on that page is to support:
diversifying markets;
facilitating connections between Saskatchewan businesses and international buyers;
increasing foreign direct investment (FDI) in Saskatchewan;
establishing ongoing relationships and business partnerships; and
providing exporters an understanding of the business environment, rules and regulations in these markets.
At the office’s inauguration ceremony, Harrison touted the “incredible trade and investment opportunities in Saskatchewan,” and said that he was excited for the boost the office would provide to the economic relationship between the province and the UAE.
“Although Saskatchewan’s relationship with the UAE has mostly been in agriculture,” Harrison added, “we share many common goals and interests, particularly in the energy sector. We see huge potential for cooperation in a number of areas to help the UAE meet its goal of achieving net-zero emissions by 2050 particularly through carbon capture, utilisation and storage; hydrogen production; the development of small modular nuclear reactors; and the supply of uranium.”
In 2020, Saskatchewan was Canada’s largest UAE export partner. Exports increased 52 per cent over 2019, with a total value of C$627.6 million. Agri-food products made up 99 per cent of SK’s exports to the UAE, including canola seed (C$348 million), lentils (C$208 million), meslin wheat (C$26 million), durum wheat (C$22million), and peas (C$15.6 million).
Canola seed from Saskatchewan makes up 57 per cent of the UAE’s total canola seed imports, and 91 per cent of its lentil imports.
According to the provincial government’s trade statistics, Saskatchewan is a world-leading exporter of agricultural products such as potash, lentils, durum wheat, canary seed, and peas. The UAE is Saskatchewan’s fifth-largest agri-food export destination.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
