US, Canadian investors look investment options in UAE

The UAE is an investment and business hub in the Middle East and Africa and has potential to attract global investors because of its strong economy, consistent policies and excellent infrastructure, says an immigration expert.

Shahrukh Zohaib, managing partner at Ace Luxury Immigration Solutions, said the US and Canadian investors are actively looking to expand their footprint to the UAE because of its strategy to overcome the Covid-19 pandemic and reopening of its borders when most of the countries were struggling to handle the crisis.

“We believe the digitalisation and Covid-19 have accelerated the speed of globalisation. There is a need to play our part in economic recovery in the UAE and Canada,” Zohaib told Khaleej Times in an interview during his recent visit to Dubai.

Growth catalysts

He said global studies and “our in-house data” pointed out the high profitability and hassle-free business atmosphere are key factors in doing business in the UAE.

“That is the very reason we have decided to setup Ace’s Middle East base in Dubai, which is an established commercial hub where businesses thrive,” he said.

Ace’s expertise lie in Canada’s international mobility programme (IMP) where it guides international investors on finding the best opportunities for their return on investment, family safety, free healthcare and free quality education for children.

“Our new operations in UAE will aim at helping several North American investors to have smooth access to Middle East market through Dubai,” said Zohaib, whi is a trio licenced barrister solicitor practising in Ontario.

“Recently, we have been approached by one of the leading couriers and logistic company based in Ontario who desire to expand its operations in the UAE to expand its footprint to the Middle East to broaden their client range from South Asia to North Africa by having their base in UAE,” he added.

UAE: Largest export market

The UAE is Canada’s largest export market in the Middle East and North Africa and Canadian merchandise exports to the UAE reached a record of $1.6 billion in 2017.

Canada has a large pavilion at Expo 2020. A 1,200-square metres Canadian pavilion at the six-month long exhibition will feature architectural elements to symbolise the strong cultural ties between Canada and the UAE.

“The Canadian pavilion reflects growing bilateral relations between the two countries,” Zohaib said. .

Assisting UAE businesses

Zohaib said some small and medium enterprises and stratups are keen to expand their operations to North America through Canadian market.

“We are also assisting the UAE-based startups, businesses and entrepreneurs to access the bigger market of North America,” he said.

“Broader market accessibility means broader and better opportunities to expand the base of startups between UAE and Canada. It will help two-way investments start moving and start contributing to the economic recovery and hence job creations in both markets,” Zohaib concluded.

— muzaffarrizvi@khaleejtimes.com