UAE to invest up to $50bln in Canadian strategic sectors
The United Arab Emirates has approved a new investment framework that will channel up to $50 billion into energy, AI, logistics, mining and other priority industries in Canada, strengthening economic ties between the two countries, Qazinform News Agency correspondent reports.
The framework was endorsed by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. It outlines major long-term investments designed to support sectors identified as nationally significant by both governments.
According to official figures, the UAE’s foreign direct investment stock in Canada reached $8.8 billion in 2024, while Canadian investment in the UAE totaled $242 million. Officials said the new framework reflects the UAE’s role as a major global investor in developed markets and signals an intention to expand two-way economic engagement.
The announcement followed a meeting in Abu Dhabi between UAE President Sheikh Mohamed bin Zayed Al Nahyan and Canadian Prime Minister Mark Carney, who is on an official visit to the country. The two leaders discussed bilateral cooperation and reviewed opportunities to broaden collaboration in areas such as trade, technology, clean energy, artificial intelligence, climate initiatives, education and culture.
During the talks, both sides emphasized their aim to build on more than five decades of partnership. They also exchanged views on current regional and international developments and reiterated support for efforts that encourage stability and cooperation.
Sheikh Mohamed highlighted the importance of UAE-Canada ties as a model for development-focused cooperation. Prime Minister Carney noted the steady progress of bilateral relations and reaffirmed Canada’s interest in expanding joint projects and investment opportunities.
At the conclusion of the visit, the two governments signed an agreement on the protection and promotion of investment, aimed at facilitating strategic projects and supporting shared development goals. A separate memorandum of understanding on investment cooperation was also announced.
Earlier, Qazinform News Agency reported that the United States approved the sale of advanced Nvidia chips to Saudi Arabia’s HUMAIN and the United Arab Emirates’ G42, allowing the state-backed companies to purchase up to 35,000 units valued at about $1 billion.