UAE Pledges $70 Billion Investment in Canada Trade Deal
Canada and the United Arab Emirates signed strategic trade and infrastructure agreements in Ottawa, including a $70 billion investment pledge from the UAE.
Prime Minister Mark Carney hosted Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, in Ottawa on Tuesday to sign several trade and infrastructure agreements. The partnership focuses on advancing free trade, investing in clean power and energy infrastructure, and collaborating on diplomatic training. These agreements follow a free trade negotiation concluded earlier this year in a record 47 days.
As part of the strategic partnership, the United Arab Emirates pledged approximately $70 billion in investments targeting Canada's mining, logistics, energy, and digital technology sectors. International Trade Minister Maninder Sidhu noted that the UAE is looking to deploy these funds as soon as possible. Simultaneously, Canada is developing a $1-billion project to expand its critical minerals processing capacity.
Addressing human rights concerns regarding the UAE, Minister Sidhu stated that Canada remains committed to raising these issues through continued engagement, asserting that human rights do not take a back seat. The visit concluded with official meetings and a state dinner at Parliament Hill.
