Prime Minister Mark Carney wrapped up his high-stakes visit to the United Arab Emirates with a landmark announcement: more than $70 billion in Emirati investment will be directed into Canada, alongside a major $1-billion critical minerals project Ottawa is preparing to finalize.
Speaking to the Canada-UAE Business Council in Abu Dhabi, Carney said the minerals project will significantly strengthen Canada’s capacity to process essential minerals for clean-energy technologies and advanced manufacturing. He noted that the initiative will create jobs and boost the country’s long-term economic resilience, adding, “This is about economic growth and human development.”
Carney emphasized Canada’s global leadership in artificial intelligence, quantum technologies, and life sciences, saying it is time to convert those strengths into large-scale commercial opportunities. He extended a personal invitation to UAE investors to visit Canada and explore “transformative projects,” underscoring the deepening economic partnership between the two nations.
According to the Prime Minister’s Office, the UAE has agreed to invest $50 billion USD—roughly $70 billion CAD—under a new bilateral investment framework agreement, with expected allocations in energy, mining, AI, logistics, and other strategic sectors. The funding, Carney’s office said, is a strong vote of confidence in Canada’s economy, which continues to face pressure from U.S. trade tensions and productivity challenges.
Carney told investors he is “very confident” Canada and the UAE can more than double trade within the next decade, noting that despite the contrast between “snow and sand,” both countries share deep alignment as energy powers transitioning toward greener systems. He highlighted the UAE’s leadership in artificial intelligence and its reputation as one of the world’s most sophisticated global investors.
The visit also included discussions on regional security. Carney confirmed that he raised the escalating civil war in Sudan during his meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan. While he did not specify whether he believes human-rights groups accusing the UAE of supporting the Rapid Support Forces militia, he said the conversation focused on U.S. President Donald Trump’s peace efforts under the Quad process involving the U.S., UAE, Saudi Arabia and Egypt.
Carney now heads to Johannesburg for the G20 leaders’ summit, where Canada will push key priorities including strengthening critical-mineral supply chains, applying AI to sustainable development, enhancing disaster prevention, reforming global development financing, and promoting gender equality through economic growth.
His UAE trip marks the first visit by a Canadian prime minister to the country since 1983—ushering in what Carney calls “a new chapter” in one of Canada’s most strategically important global partnerships.