Prime Minister Mark Carney concluded his visit to the United Arab Emirates on Friday by announcing significant new economic commitments, including a $1-billion project to expand Canada’s critical minerals processing capacity and a UAE pledge to invest the equivalent of $70 billion in the Canadian economy.
Speaking to the Canada-UAE Business Council in Abu Dhabi, Carney said the forthcoming critical-minerals initiative will support job creation, strengthen supply chains for energy technologies and advanced manufacturing, and help position Canada as a leader in next-generation industries. Details of the project will be released in the coming weeks.
Carney emphasized that leveraging Canada’s strengths in artificial intelligence, quantum research and life sciences is central to the country’s long-term economic strategy. He personally invited Emirati business leaders to visit Canada to explore further investment opportunities, following the signing of a new investment-protection agreement and the launch of bilateral trade negotiations earlier in the week.
According to the Prime Minister’s Office, the UAE has agreed to invest US$50 billion—roughlyC$70 billion—in Canada under a new bilateral investment framework. While the UAE foreign ministry has not released its own statement on the agreement, reporting suggests the funding will target sectors including AI, logistics, energy, mining and other strategic industries. No timeline has yet been provided for when the investments will be deployed.
Carney framed the new commitments as a strong signal of confidence in Canada’s economic outlook at a time when the country is grappling with reduced productivity, global trade turbulence and the impact of the U.S. trade war.
The prime minister said he is “very confident” Canada and the UAE can more than double their trade relationship within a decade, noting that both countries share ambitions as energy exporters transitioning toward cleaner technologies. He also pointed to the UAE’s high rate of artificial intelligence adoption and its reputation as a major global investor.
Looking ahead, Carney said energy, AI and agriculture will anchor a major Canadian trade mission to the UAE next year. His visit marks the first by a sitting Canadian prime minister since 1983.
Carney also raised the conflict in Sudan during his meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan. While he did not indicate whether he accepts human-rights groups’ allegations that the UAE is supporting the Rapid Support Forces militia, he said the discussion focused on the U.S.-led “Quad” initiative involving the United States, UAE, Saudi Arabia and Egypt to establish a ceasefire.
Carney will now travel to Johannesburg for the G20 leaders’ summit. The Trump administration has announced that no senior U.S. officials will attend, accusing South Africa of allowing anti-white violence—claims the South African government rejects as inaccurate.
Canada’s priorities for the summit include strengthening critical-minerals supply chains, advancing the use of artificial intelligence for sustainable development, improving disaster prevention, reforming global development finance and supporting gender equality through economic growth.
