{"id":297706,"date":"2025-11-21T15:06:08","date_gmt":"2025-11-21T15:06:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/297706\/"},"modified":"2025-11-21T15:06:08","modified_gmt":"2025-11-21T15:06:08","slug":"carney-secures-70-billion-investment-pledge-from-uae-as-he-concludes-visit","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/297706\/","title":{"rendered":"Carney secures $70-billion investment pledge from UAE as he concludes visit"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

Prime Minister Mark Carney speaks with Sultan Al Mansoori, UAE Foreign Minister\u2019s Envoy to Canada during the Canada-UAE Investment Summit in Abu Dhabi on Friday.Sean Kilpatrick\/The Canadian Press<\/p>\n

Prime Minister Mark Carney<\/a> says Ottawa is working on a $1-billion project aimed at expanding critical minerals processing capacity in Canada, while securing the equivalent of $70-billion in investment from the United Arab Emirates.<\/p>\n

The announcements came as Carney concluded a visit to Abu Dhabi that focused heavily on trade amid concerns about the war in Sudan.<\/p>\n

\u201cI\u2019m pleased that an agreement valued over $1-billion is in the process of being finalized,\u201d Carney said in a Friday morning speech to the Canada-UAE Business Council.<\/p>\n

\u201c[It] will expand critical minerals processing capacity in Canada, creating jobs, boosting [the] long-term supply of minerals essential to energy technologies and advanced manufacturing. More on that soon.\u201d<\/p>\n

Carney meets top UAE investors, launches trade talks with Emirates<\/a><\/p>\n

Carney said the new project will boost both economic growth and human development.<\/p>\n

\u201cWe are a global leader in AI, in quantum and life sciences. And we realize it\u2019s time to begin to commercialize these strengths, for the benefit of humanity,\u201d Carney said.<\/p>\n

After announcing this week a new investment protection pact and the launch of trade negotiations with the UAE, the Prime Minister personally invited Emirati investors to visit him in Canada to help spur more major projects.<\/p>\n

\u201cWe welcome UAE investors to visit Canada \u2013 I will personally host them \u2013 to explore investment in Canada\u2019s transformative projects,\u201d he said.<\/p>\n

To that end, Carney\u2019s office said Friday that the UAE had agreed to invest $70-billion in Canada.<\/p>\n

Open this photo in gallery:<\/a><\/p>\n

Carney said he is ‘very confident’ that Canada and the UAE can more than double trade in less than a decade.Sean Kilpatrick\/The Canadian Press<\/p>\n

A news release from the Prime Minister\u2019s Office said this investment is expected to go toward critical mineral development, the energy sector, ports and artificial intelligence.<\/p>\n

Carney\u2019s office said the funding is part of a bilateral investment framework agreement and did not indicate when the dollars are expected to flow.<\/p>\n

His office said the funding is a vote of confidence in the Canadian economy, which has been suffering from the U.S. trade war and productivity issues.<\/p>\n

In his speech Friday, Carney said he is \u201cvery confident\u201d that Canada and the UAE can more than double trade in less than a decade. <\/p>\n

He said Canada and the Gulf countries are aligned as trading nations and energy superpowers pursuing green tech.<\/p>\n

Opinion: Carney\u2019s values-free foreign policy is on display in the UAE<\/a><\/p>\n

\u201cTo the uninitiated, Canada and the UAE can appear as different as snow and sand, yet we\u2019re deeply, deeply aligned,\u201d he told investors.<\/p>\n

\u201cThe level of penetration usage of artificial intelligence is the highest in the UAE and it\u2019s one of the largest and most sophisticated sets of investors in the world,\u201d Carney told reporters.<\/p>\n

Carney said AI will be a major focus of a trade mission to the UAE next year, along with energy and agriculture. He said the two countries are starting \u201ca new chapter\u201d following his visit, the first by a sitting Canadian prime minister since 1983.<\/p>\n

Representatives of UAE sovereign wealth funds will also visit Canada next year to identify investment opportunities, the Prime Minister\u2019s Office said in a media release.<\/p>\n

Carney also told reporters that he raised Sudan\u2019s civil war with UAE President Sheik Mohamed bin Zayed Al Nahyan, whose government denies claims it is fuelling ethnic violence in that country.<\/p>\n

Carney did not say whether he believes the UAE government or the human-rights groups that accuse it of supporting the Rapid Support Forces militia. He said he and the UAE president talked about U.S. President Donald Trump\u2019s attempts to broker peace in Sudan.<\/p>\n

Opinion: Only the UAE can end the atrocities in Sudan \u2013 and the least Carney can do is demand it<\/a><\/p>\n

\u201cWe did discuss the situation in Sudan,\u201d Carney said, adding that this conversation focused on the so-called Quad process involving the U.S., the UAE, Saudi Arabia and Egypt.<\/p>\n

Carney\u2019s speech to investors came shortly before he was set to board a flight to Johannesburg for the G20 leaders\u2019 summit.<\/p>\n

The Trump administration says it will have no senior American officials present in South Africa, which it accuses of allowing anti-White violence to take place. The South African government says Trump\u2019s views do not reflect crime statistics or reality.<\/p>\n

Canada has listed five priorities for the G20 summit: improving critical-mineral supply chains, using AI for sustainable development, preventing wildfires and disasters, reforming global development funding and debt, and advancing gender equality through economic growth.<\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: Prime Minister Mark Carney speaks with Sultan Al Mansoori, UAE Foreign Minister\u2019s Envoy…\n","protected":false},"author":2,"featured_media":297707,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[901,888,902,879,877,903,49,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,889,890,884,904,885,909,910,44,912,907,911,905,908,882,898,899,714,897,906,865,61,900,892,886,883,913],"class_list":["post-297706","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-alberta","tag-arts-news","tag-bc","tag-breaking-news","tag-breaking-news-video","tag-british-columbia","tag-ca","tag-canada","tag-canada-news","tag-canada-sports","tag-canada-sports-news","tag-canada-trafficcanada-weather","tag-canadian-breaking-news","tag-canadian-news","tag-economy","tag-education","tag-environment","tag-federal-government","tag-foreign-news","tag-globe-and-mail","tag-globe-and-mail-breaking-news","tag-globe-and-mail-canada-news","tag-government","tag-life-news","tag-lifestyle","tag-local-news","tag-manitoba","tag-national-news","tag-new-brunswick","tag-newfoundland-and-labrador","tag-news","tag-northwest-territories","tag-nova-scotia","tag-nunavut","tag-ontario","tag-pei","tag-photos","tag-political-news","tag-political-opinion","tag-politics","tag-politics-news","tag-quebec","tag-sports-news","tag-technology","tag-travel","tag-trudeau","tag-us-news","tag-world-news","tag-yukon"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/297706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=297706"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/297706\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/297707"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=297706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=297706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=297706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}