The UAE plans to invest $50 billion in Canada as part of an investment framework agreement between the two countries.
As part of the agreement, the Arab world’s second largest economy will invest in vital sectors including energy, AI logistics, mining and other strategic industries, the Ministry of Investment said.
Under the directive of the UAE President Sheikh Mohamed, Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, approved the investment framework, with Canadian Prime Minister Mark Carney and Mohamed Alsuwaidi, UAE Minister of Investment and managing director and chief executive of ADQ, in attendance.
Mr Carney is visiting the UAE as Canada focuses on strengthening economic ties with Abu Dhabi. The foreign direct investment stock from the UAE stood at $8.8 billion in 2024.
In October, the UAE signed an initial pact with Canada focusing on artificial intelligence and digital innovation, in a move aimed at boosting bilateral ties. The countries will explore opportunities to collaborate in the digital infrastructure sector, with a focus on developing data centres and AI projects, the Ministry of Investment said in a post on X at the time.
Sheikh Mohamed on Thursday held talks with Mr Carney in Abu Dhabi, as the countries signed an agreement to strengthen economic co-operation.
The two leaders explored ways to boost ties in key sectors such as investment, trade, technology, AI and clean energy during a meeting at Qasr Al Shati, as part of Mr Carney's official visit to the Emirates.
In the past few years, the UAE has been building trade and investment ties through Comprehensive Economic Partnership Agreements (Cepa) to diversify its non-oil economic base.
The country aims to increase the value of its trade to $1 trillion by 2031. The UAE also aims to double the size of its economy to exceed $800 billion by the same year, with Cepa programmes among the central planks of the national strategy.
Since the Cepa programme was launched in September 2021, the UAE has concluded agreements with countries around the globe.
