News

Pres. Juan Carlos Varela is in Dubai this week, working to improve trade and investment connections with the United Arab Emirates.

As part of his visit, Pres. Varela met with Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, the crown prince of Dubai, and Sheikh Mohammed Bin Zayed Al Nahyan, the crown prince of Abu Dhabi. The focus of the discussions was to “create new channels of communication between the two countries across various sectors, including trade and investment, culture and tourism,” according to coverage in Gulf Today.

Developing more connections with the U.A.E. could be the next big international boost for Panama, now that the relationship with China is opening a wide array of new possibilities. There are many natural ties between the two countries. Dubai is one of the Middle East’s major centers for trade and tourism. And Emirati’s are aggressive investors in real estate around the world.

Pres. Varela was accompanied on the trip by vice president and chancellor Isabel de Saint Malo; the minister of commerce and industry Augusto Arosemena; and the minister of economy and finance Dulcidio De La Guardia. In addition to the UAE royalty, he reportedly held meetings with executives from Dubai World, the huge port operator; the Dubai Multi Commodities Center, which operates 66 free zone towers; Emirates Airlines, an airline with flights to more than 140 destinations; and Dubai Airports, according to coverage in La Estrella de Panama.

All those companies could play key roles in developing new trade and tourism opportunities in Panama. The contingent also met with representatives of two of the biggest sovereign wealth funds in the world, Abu Dhabi’s Mubadala and the Abu Dhabi Investment Authority (ADIA). Both firms are active around the world, infusing billions of dollars into real estate development and companies. The Abu Dhabi funds think big and could provide a significant boost to foreign direct investment in Panama.

Pres. Varela is also scheduled to be the guest of honor at the Business Forum Latin America, “an event that seeks to explore the potential of new synergies between companies in Dubai and Latin America,” La Estrella reports.