The Dubai skyline in the United Arab Emirates in 2023. The National Bank of Canada has opened its first office in the region.Kamran Jebreili/The Associated Press
The National Bank of Canada NA-T is expanding into Dubai as Ottawa bids to increase trade between Canadian businesses and the United Arab Emirates.
On Wednesday, the Montreal-based bank announced that it has opened its first office in the region, coinciding with an economic mission to the United Arab Emirates led by International Trade Minister Maninder Sidhu aimed at building commercial ties with the UAE. The federal government has been attempting to redraw trade routes amid U.S. President Donald Trump’s trade war.
National – which has international offices in London, Dublin, Paris and Hong Kong – has been exploring the opportunity to open an office in the UAE for some time, but the bank sprang into action in recent months as talks over trade and business agreements ramped up.
The bank’s clients have been proactively travelling to the UAE and expanding their businesses in the region, according to managing director and head of the Middle East and North Africa Ali Fares.
“Canadian clients are interested in getting capital, and we noticed that our clients are going there on their own and they are seeking help,” Mr. Fares said in an interview.
“Our government has been very active in the last few months to support Canadians there and to get commitments from the UAE or other countries to invest in Canada.”
Negotiations between Canada and the UAE to broker an economic partnership agreement are set to start next month.
During a trip in November, Prime Minister Mark Carney met with UAE business executives to discuss expanding investments in critical minerals, energy, ports and AI. The UAE pledged to invest $70-billion in Canada.
In October, AI Minister Evan Solomon signed a memorandum of understanding with the UAE to explore AI and digital infrastructure investment opportunities between the two countries.
Canadian companies have been setting up shop in Middle East. Waterloo, Ont.-based enterprise software company Open Text Corp. OTEX-T is opening an office in Saudi Arabia. In November, Montreal’s venture capital firm Inovia Capital said it is opening a new global office in Abu Dhabi, the capital of the UAE.
In the months ahead, National will be adding bankers to its team in Dubai, with roles that prioritize specializations in key industries and respond to clients’ needs in the region. This week, the bank has sent a team to one of the region’s biggest mining conferences in the region.
“Specifically in mining and infrastructure, we see a possible increase in investments there, and opportunities for Canadian companies,” Mr. Fares said. “There’s a lot of respect here for Canadian technology and what Canadian companies have done over the past few years, so we foresee more collaboration in the future.”