Prime Minister Mark Carney recently concluded a significant two-day visit to the United Arab Emirates (UAE), where he announced a strategic partnership poised to enhance Canada’s economy. This landmark visit was marked by a promise of increased investment from the UAE and the finalization of a critical minerals deal exceeding $1 billion.
Key Investments and Agreements
During an address at the Canada-UAE Investment Business Summit in Abu Dhabi, Carney emphasized the UAE’s commitment to invest $70 billion in Canada. He described this investment as a substantial affirmation of confidence in Canada’s economy and a step towards a robust strategic partnership. Further, the prime minister revealed plans for ongoing discussions between Canadian businesses and UAE investors.
Critical Minerals Deal
The anticipated $1 billion critical minerals deal focuses on expanding Canada’s processing capabilities for essential minerals. These minerals play an integral role in energy technologies and advanced manufacturing. Carney referred to this deal as a significant outcome of his trade mission, highlighting its potential to strengthen the long-term supply of critical resources.
Future Engagement and Trade Goals
- Carney aims to double non-U.S. exports over the next decade.
- Canada targets attracting $500 billion in new private-sector investment within five years.
- The Prime Minister plans to support Canadian pension funds managing over $2 trillion in capital on their future visits to the UAE.
In addition, International Trade Minister Maninder Sidhu will lead a Canadian business delegation to the UAE in January, focusing on sectors such as energy, artificial intelligence, and infrastructure. This effort is part of Canada’s strategy to diversify trade relationships beyond the United States.
Strategic Importance of the Gulf Region
The Gulf region is becoming increasingly critical for Canada’s trade objectives. With a growing emphasis on foreign investment in energy and technology, Carney’s mission to strengthen ties in this vital area underscores Canada’s commitment to economic diversification. The simultaneous negotiations for a financial investment promotion and protection agreement further illustrate the intent to solidify trade relations.
Participating Canadian Companies
Numerous Canadian companies participated in this mission, aiming to explore and cultivate investment opportunities. Notable firms included:
- Cohere Inc. – AI startup
- BlackBerry Ltd. – Software services
- CAE Inc. – Aviation technology
- EllisDon Corp. – Construction
- Air Canada – Aviation
This high-level engagement with Gulf investors reflects a concerted effort to reshape Canada’s image as an investment destination. Carney’s vision positions Canada not just as a player in North America but as a significant global trading partner.
