Gulf Business/Reuters: Canada export agency lifts “closed” status on Saudi Arabia-related business

Gulf Business

Quantcast - GDPR Consent Solution
[Gulf Business]

Canada export agency lifts “closed” status on Saudi Arabia-related business

Export Development Canada changed its position from “closed” to “open on a restricted basis”
Reuters
Thursday 04 July 2019


Canada’s export credit agency has lifted a “closed” status on Saudi Arabia-related activity after almost a year of frosty relations between the two countries, citing improved business conditions in the kingdom.

The move by Export Development Canada (EDC) on Tuesday paves the way for the state-owned enterprise to resume support for exporters and investors in Saudi Arabia.

The EDC changed its position on Saudi Arabia to “open on a restricted basis” from “closed” – a status it assigned in 2018.

Saudi Arabia in August suspended new trade and investment with Canada after it urged Riyadh to release arrested civil rights activists, leading to a trade freeze and expulsion of diplomats.

“After monitoring for several months we made the decision that business conditions have improved,” Amy Minsky, a senior advisor at EDC, said on Wednesday. She noted that risk remains and there was not necessarily more business in the Saudi Arabian market.

The EDC said its position on a country is determined among other things, by the Canadian government’s assessment of “political, human rights and corruption risks.”

Saudi government communications office did not immediately respond to a request for comment.

Saudi Arabia is Canada’s largest Mideast trading partner. Canada imported C$2.6bn ($1.99bn) of goods from Saudi Arabia, including mineral fuels and oils.

The EDC supports about 65 Canadian exporters active in Saudi Arabia with an exposure of C$2.2bn ($1.68bn), according to Minsky.
Also from our network
Get your running shoes on: There's a half marathon coming to DIFC - What's On Dubai
Kylie Jenner championed this Kuwaiti designer in the new KUWTK promo shoot
These are Victoria Beckham's travel essentials and where to find them
EW Wrap: All of the stars who wore Arab and Dubai-based labels this week
ALSO READ
Canada’s Freeland hopes to meet Saudi minister to discuss dispute
Canada’s Freeland hopes to meet Saudi minister to discuss dispute
Saudi Arabia lifts export bans on cement, steel
Saudi Arabia lifts export bans on cement, steel
Saudi freezes new trade with Canada, expels ambassador
Saudi freezes new trade with Canada, expels ambassador
Saudi Mobily Signs $200m Loan With Canada Export Agency
Saudi Mobily Signs $200m Loan With Canada Export Agency
Saudi mulls more measures against Canada, says oil supplies will not be affected
Saudi mulls more measures against Canada, says oil supplies will not be affected
Saudi stops all medical treatment programmes in Canada
Saudi stops all medical treatment programmes in Canada
Saudia suspends flights to Toronto as kingdom’s spat with Canada continues
Saudia suspends flights to Toronto as kingdom’s spat with Canada continues
US says is committed to Canada, Saudi ties amid spat
US says is committed to Canada, Saudi ties amid spat
Lists
Top 100 GCC Companies 2018
Top 100 most powerful Arabs 2018
Top 50 GCC Banks 2017
Top 100 Most Powerful Arabs 2017
Top 100 GCC Companies 2016
Top 50 GCC Banks 2016
Advertisement
Most Read
Kuwait records world's highest temperature this week
World's largest offshore oil platforms inaugurated in UAE
Sheikh Mohammed to name five worst government service centres this September
UAE Cabinet approves 100 per cent foreign ownership in 13 sectors
UAE declares three-day mourning period for Sharjah Ruler’s son
Gulfstream’s G600 business jet to begin deliveries soon
Dubai's DP World acquires Topaz Energy in $1bn deal
Young, gifted, and Saudi: Adwa Al Dakheel
Interview: Atif Rahman, Danube Properties
Six Flags gets $7.5m payout after Dubai partner ends project
Editor's Picks
UAE residence visas for dependents over 18 can now be renewed
UAE's biggest lender FAB to shut Qatar operations amid row with Doha
India starts issuing e-visas for Saudi nationals
UAE to triple fine for not giving way to emergency vehicles
Sign up for our daily newsletter
Get the day’s biggest stories straight in your inbox
SUBSCRIBE
Advertisement

    Advertise With Us
    Privacy Policy
    Contact us
    Subscribe

Copyright © 2019 by Gulf Business.