UAE, Canada discuss economic co-operation

UAE Energy Minister Mohammed Bin Dhaen Al Hamili and Canadian Minister of Natural Resources Joe Oliver have expressed hopes of the UAE and Canada that security and peace would prevail in the region as they would have positive effect on stability of the world energy market. The remark was made today during the meeting of the two ministers at the sideline of the International Energy Forum (IEF), which commenced in Kuwait on Tuesday. Al Hamili attributed the rise in oil prices in the world markets to the geopolitical unrest in the region and speculators in the market, indicating that it does not have any connection with the basic market factors. He stressed the importance of holding meetings between the officials of the two countries to boost the cooperation ties and friendship between the two countries, citing the positive effects of the recent visit of Sheikh Abdullah Bin Zayed Al Nahyan, Foreign Minister and Sultan bin Saeed Al Mansouri, Minister of Economy to Canada. Al Hamili commended the contribution of the Canadian companies to the economic boom being experienced by the UAE, indicating that the UAE is an open market for investment expertise and international companies, especially the Canadian ones. He added that the UAE is the biggest Canadian economic and strategic partner in the region. The Canadian minister stressed keenness of his government on developing the cooperation ties and friendship with the UAE, especially in the areas of energy in general and civil nuclear programme in particular. He emphasised the importance of exchanging visits, expertise and advanced technology in the best interest of the two countries. Oliver cited that the cooperation agreements signed recently by the two countries reflect the keenness of the two countries on furtherance of the cooperation between them, especially in the area of energy. The Canadian minister said his government is ready to expand the cooperation ties with the UAE, adding that Canada is endowed with different sources of energy and natural resources, especially in the area of energy. Present were Dr Mattar Hamed Al Neyadi, Undersecretary of the Ministry of Energy, Hamdan Al Akbari, Director of the Department of Petroleum Economies at the Ministry, Mohammed Al Hosani, Director of the minister’s office, while from the Canadian side were the members of delegation accompanying the Canadian minister. Foreign Minister Sheikh Abdullah Bin Zayed Al Nahyan has expressed pleasure over UAE’s “strong and excellent” relations with Canada while addressing a joint press conference with his Canadian counterpart John Baird in Ottawa recently, Sheikh Abdullah said the UAE is a main hub for trade in the region.