Mark Carney, the Prime Minister, secured a substantial $70-billion investment pledge from the United Arab Emirates (UAE) during his recent visit. This significant commitment comes as part of a broader $1-billion project aimed at expanding Canada's critical minerals processing capacity. The initiative is a strategic move to boost the country's economic growth and human development, particularly in the fields of energy technologies and advanced manufacturing.
Carney's visit to Abu Dhabi focused heavily on trade, with a particular emphasis on the war in Sudan. The Prime Minister expressed his satisfaction with the progress of the agreement, stating that it will create jobs and enhance the long-term supply of minerals essential for energy technologies and advanced manufacturing. He also highlighted the UAE's advanced usage of artificial intelligence and its status as one of the world's largest and most sophisticated investors.
The UAE's foreign ministry has not yet published a notice of the deal, but media reports suggest that the funding will cover a range of strategic industries, including energy, AI logistics, mining, and more. Carney's office emphasized that the funding is part of a bilateral investment framework agreement, though the timeline for the investment's realization remains unclear.
Carney's speech to investors was delivered shortly before his departure for the G20 leaders' summit in Johannesburg. The summit's priorities include improving critical-mineral supply chains, utilizing AI for sustainable development, preventing wildfires and disasters, reforming global development funding and debt, and advancing gender equality through economic growth. Carney's visit to the UAE marks a significant step in fostering economic ties and collaboration between the two nations.
