(ABU DHABI, UNITED ARAB EMIRATES) – April 17, 2007 – Export Development Canada (EDC) today opened a permanent representation in Abu Dhabi to better serve its customers and partners throughout the Cooperation Council for the Arab States of the Gulf (GCC) and Yemen.
Since 2001, trade between Canada and the GCC has grown by 140 per cent, and EDC's new representation will help grow that figure. More than 1500 Canadian companies are doing business in the GCC, and their numbers are growing at 10 per cent per year.
"The phenomenal growth of the GCC and Yemen economies has led to EDC supporting more exports there than to China, India, Russia or Brazil in 2007, and our permanent representation in Abu Dhabi is a reflection of the interest of Canadian exporters in these markets," said Eric Siegel, President and CEO of EDC. "By having our feet on the ground in this dynamic region, EDC will strengthen our relationships with GCC companies and promote Canadian expertise and supply."
In 2007, EDC facilitated more than $1.8 billion in Canadian exports and investments to the GCC-the political and economic union formed by the United Arab Emirates (UAE), Saudi Arabia, Oman, Qatar, Bahrain and Kuwait-and Yemen, a xx per cent increase over EDC's volume for the region for the full year in 2006. Growing sectors of interest to Canadian exporters and investors include oil and gas, construction and engineering services. More than $2 trillion in construction and infrastructure projects are underway in the region. More than 70 Canadian oil and gas companies are active in the GCC and Yemen, and more than 30 Canadian infrastructure and construction firms are active in the UAE alone.
Mr. Jean-François Croft was appointed Chief Representative, GCC and Yemen in July 2007. Mr. Croft joined EDC in 1999 as Senior Business Development Manager, Industrial Equipment Group, Quebec Regional Office. In 2003, Mr. Croft assumed the role of Regional Manager, Africa in EDC's International Business Development Group and took the responsibility for the North Africa & Middle East portfolio in 2005. Prior to joining EDC, Mr. Croft held various program management positions at the Business Development Bank of Canada. Mr. Croft acquired a master's degree in Sciences (Project Management) in 1984 from the Université du Québec, and a bachelor's degree in Business Administration (Finance) from Laval University in 1978.
"EDC's business strategy in the GCC and Yemen will focus on the development of strategic accounts that we have in the region, and learning firsthand the priorities and operational preferences of our customers and partners," said Jean Francois Croft, EDC's Chief Representative for the GCC and Yemen. "EDC will be looking to grow our business by 15 per cent per year by establishing relationships with GCC corporations and new partnerships with each region's financial institutions."
EDC will be looking to build relationships with key local Islamic financial institutions in order to increase opportunities for Canadian exporters in countries that follow Islamic principles. EDC currently has an agreement with the Islamic Development Bank to develop EDC's ability to participate in Shariah-compliant financing facilities. At the same time, EDC will be working with Canadian companies to educate them on the requirements of Islamic financing.
Abu Dhabi joins Mumbai, New Delhi, Beijing, Shanghai, Kuala Lumpur, Moscow, Warsaw, Rio de Janeiro, São Paulo, Mexico City, Monterrey and Santiago as a site of permanent EDC representation.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by 7,000 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and is a recognized leader in financial reporting, economic analysis and has been named one of Canada's Top 100 Employers for seven consecutive years.
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Media contact:
Phil Taylor
Export Development Canada EDC Chief Representative,
Tel: CC (613) 598-2904
Blackberry: ptaylor@edc.ca
Jean-Francois Croft
GCC and Yemen
Mobile: 971-50-811-7046
Blackberry: jcroft@edc.ca
contact
Ogilvy
