The Globe and Mail reports in its Thursday, Jan. 15, edition that the National Bank of Canada is expanding into Dubai as Ottawa seeks to boost trade with the United Arab Emirates.
The Globe's Stefanie Marotta writes that on Wednesday, National launched its first office in the region, coinciding with an economic mission to the UAE led by International Trade Minister Maninder Sidhu to strengthen commercial ties.
Ottawa has been attempting to redraw trading routes amid U.S. President Donald Trump's trade war.
National 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 pro-actively travelling to the UAE and expanding their businesses in the region, according to Ali Fares, managing director and head of the Middle East and North Africa.
"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.
"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."
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