Carney wraps up UAE visit with $70B investment pledge into Canada
Global News
The announcements come as Carney concluded a visit to Abu Dhabi, which focused heavily on trade amid concerns about the war in Sudan.
Prime Minister Mark Carney says Ottawa is working on a $1 billion project aimed at expanding critical minerals processing capacity in Canada, while securing the equivalent of $70 billion in investment from the United Arab Emirates.
The announcements come as Carney concluded a visit to Abu Dhabi, which focused heavily on trade amid concerns about the war in Sudan.
“I’m pleased that an agreement valued over $1 billion is in the process of being finalized,” Carney said in a Friday morning speech to the Canada-UAE Business Council.
“(It) will expand critical minerals processing capacity in Canada, creating jobs, boosting (the) long-term supply of minerals essential to energy technologies and advanced manufacturing. More on that soon,” he said.
Carney said that the new project is a matter of economic growth and human development.
“We are a global leader in AI, in quantum and life sciences. And we realize it’s time to begin to commercialize these strengths, for the benefit of humanity,” Carney said.
The prime minister personally invited Emirati investors to visit him in Canada, to help spur more major projects, after announcing this week the signing of an investment-protection pact and the launch of trade negotiations.
“We welcome UAE investors to visit Canada — I will personally host them — to explore investment in Canada’s transformative projects,” he said.
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