Canada has no problem selling out to foreign companies, except when it comes to the sectors that matter: Transportation, Telecommunication, and Banking. The ‘monogopolies’  enjoyed by the handful of market players in these sectors translate into cushy bottomlines for these companies as their market is supplier (not consumer) driven. Who pays for the lack of competition? You and me.

The Middle East Times announced yesterday the takeover of Canada’s Northrock Resources Limited (a Calgary-based Oil & Gas company) by the Abu Dhabi National Energy Company (TAQA) for $2 Billion dollars. This comes not too long after Saudi Prince ‘Alwaleed bin Talal bin Abdulaziz Alsaud’ (Forbes’ fifth richest man in the world) bought the Fairmont for CAD $4.5 Billion in 2006, and Dubai Ports picking up Vancouver’s Centerm terminal that controls 25% of container traffic arriving at Canada’s west coast.

Controversy always ensues when Middle Eastern companies go for such bids in Canada or the US. Articles swarm with ‘concerned’ citizen comments about terrorism, radical Islam taking over the world, diluting national identity, and general mistrust of the intentions of those “Eh-rabs’. But, look closely below the surface:

Northrock had already been acquired by US-based ‘Pogo Producing Company‘ in 2005, who turned around and sold it to TAQA. The Prince’s purchase of the Fairmont was orchestrated by Los Angeles private equity firm ‘Colony Capital‘, and DP World came to own the Vancouver terminal as part of its take over of the British P&O Oriental Steam Navigation Company.

There is no place for stereotyping in international business. Canadians at home must embrace globalization in all its colors, races, and religions as much as they preach it abroad.