Prime Minister Mark Carney is set to spend two days in the United Arab Emirates later this week, aiming to deepen Canada’s economic ties in the Gulf and attract major investment from some of the world’s largest sovereign wealth funds. His visit comes as Ottawa looks to expand trade and investment opportunities beyond the increasingly unpredictable U.S. market under President Donald Trump.
Carney will meet UAE President Sheikh Mohammed bin Zayed Al Nahyan, along with senior business leaders and executives from major investment funds, though the Prime Minister’s Office is keeping specific meeting details confidential until Thursday local time. The UAE is home to several vast sovereign wealth funds, including the Abu Dhabi Investment Authority, which holds more than US$1 trillion in assets.
A senior Canadian official said the government believes Emirati fund managers are looking to reduce their heavy exposure to U.S. holdings and diversify into other G7 countries. They are particularly interested in Canada’s energy, infrastructure, AI and resource sectors — especially now that Ottawa is promising to accelerate approvals for major projects. According to the official, investors want to hear directly from Carney about how Canada plans to deliver on that commitment.
Carney will become the first Canadian prime minister to visit the UAE since Pierre Trudeau in 1983. The official emphasized the importance of personal relationships in the UAE’s investment culture, noting that face-to-face contact is often essential to secure trust and long-term commitments.
One example of the type of investment Ottawa is seeking is the 2009 acquisition of Nova Chemicals by the Abu Dhabi state-owned International Petroleum Investment Co. (later merged into Mubadala Investment Co.). The UAE has also been showing strong interest in artificial intelligence and quantum technologies; in October, Ottawa signed a nonbinding agreement in Abu Dhabi to explore AI-related investment opportunities, including data centre development in Canada.
Despite human rights concerns raised by groups such as Freedom House and Human Rights Watch — which describe the UAE as a state with no political parties, tightly restricted dissent, and harsh treatment of critics — the Carney government appears comfortable welcoming Emirati investment. Canadian officials say the UAE is not among the countries Ottawa considers high-risk for foreign investment reviews, unlike China.
Carney lands in the UAE late Wednesday local time before continuing to South Africa for the G20 summit. His visit has generated significant anticipation among Emirati investors, and some Canadian companies have already begun meeting with local partners ahead of his arrival.
Finance Minister François-Philippe Champagne recently told a Toronto business gathering that large international funds are increasingly “chasing” Canada, eager to participate in projects backed by Ottawa’s Major Projects Office. He argued that amid global instability, Canada can position itself as a dependable, well-connected investment destination.
The UAE was Canada’s 16th-largest export market in 2024, with $3.4 billion in two-way trade and $8.8 billion in Emirati investment in Canada. Sovereign wealth funds in the UAE, Saudi Arabia, Qatar, and Kuwait represent vast pools of untapped capital. Their rapid pace of development and investment contrasts sharply with Canada’s reputation for long, complicated approval processes.
Carney arrives with a strong global reputation and longstanding relationships built during his leadership roles at central banks and, more recently, at Brookfield Asset Management. Brookfield has deep ties in the region and has secured multibillion-dollar partnerships with Gulf institutions — including major commitments Carney helped attract from ALTÉRRA, the UAE’s US$30-billion climate investment vehicle. ALTÉRRA contributed US$2 billion to Brookfield’s Global Transition Fund and anchored a separate US$5-billion clean energy fund aimed at emerging markets.
Carney cultivated close working relationships with key UAE figures, including ALTÉRRA CEO Majid Al Suwaidi — formerly director-general of COP28 and an alumnus of Simon Fraser University — and Dr. Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology and chair of ALTÉRRA.
