Canada-UAE Sign Investment Pact in Carney's UAE Visit

Canadian Prime Minister Mark Carney concluded a landmark visit to the United Arab Emirates on Thursday, securing a major investment framework and bilateral agreements aimed at bolstering economic ties between the two nations.

The visit, the first by a Canadian prime minister to the UAE in more than 40 years, resulted in the signing of a Foreign Investment Promotion and Protection Agreement, or FIPA, between Canada and the UAE. The pact establishes clear rules to facilitate Emirati investments in Canada, removing regulatory hurdles in sectors such as artificial intelligence, clean energy, mining, logistics and infrastructure. Under directives from UAE President Sheikh Mohamed bin Zayed Al Nahyan, Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan approved the framework, which commits the UAE to investing up to $50 billion in these priority areas over the long term.

The agreements build on existing economic links, with the UAE's foreign direct investment stock in Canada reaching approximately $8.8 billion as of 2024, compared to $242 million in Canadian direct investments in the UAE during the same period. Officials from both countries expressed optimism that the...