News

Eddie Montes 

Top-level diplomats from Dubai and Panama recently met to discuss new deals to expand the cooperation in the maritime and logistics industries, in the latest sign of the broadening relationship with the Middle East’s largest business center.

The connection between Dubai and Panama is natural, in many ways. Dubai, part of the United Arab Emirates, is one of the biggest centers for trade in the world and operates port facilities in many countries. Dubai’s property market is also similar to Panama City, attracting investors from around the world.

The growth of the relationship with Dubai is one of the biggest untapped resources for Panama City and the property market. Business leaders from Dubai and Abu Dhabi are aggressive investors in property around the world and Panama are only slowly getting on their radar.

The recent trade meeting was hosted by the Dubai Chamber of Commerce and Industry’s representative office in Panama, according to a release on WAM, the government’s official news agency. The meeting included Ibrahim Mohammed Al Mansouri, the UAE Ambassador to Panama, and representatives from the Panama Canal Authority, Panama Chamber of Commerce, Agriculture and Industries, Panama Pacifico Special Economic Zone, “as well as key stakeholders from Panama’s maritime and logistics sector,” according to the release.

The discussions focused on advanced infrastructure, logistics services and “expertise that Dubai offers as a leading maritime and logistics hub, in addition to the advantages that the emirate can provide to Panamanian companies,” the statement said.

The representatives noted that Dubai’s non-oil trade with Panama grew from AED40.4 million (about $11 million) in 2012 to AED75.7 million in 2017 (more than $20 million), an increase of 87.4 percent. “The UAE’s main imports from Panama are pineapples and marine products, while Dubai’s major exports are vehicles, vehicle parts, and spare parts,” according to the statement.