United Arab Emirates, 50 billion USD investments in Canada/ The agreement includes projects in the AI and energy sectors
The United Arab Emirates will invest up to $50 billion in Canada, under an agreement that includes projects in the artificial intelligence, energy and mining sectors.
The Emirates is looking to expand energy investments abroad, particularly through a new company, XRG, the arm of Abu Dhabi’s state-owned oil giant ADNOC. The country is also investing heavily in artificial intelligence, with plans to build one of the world’s largest data centers using American technology. The state-linked technology company, G42, is leading the country’s innovation industry.
The agreement was signed during Canadian Prime Minister Mark Carney's visit to Abu Dhabi. Speaking at the Investment Summit, Carney said the Emirates and Canada are "deeply connected." He also commented on recent changes in US trade policy.
"Canadians are united in the face of fundamental change in American trade policy. It is their choice and their right... We are accelerating key projects to transform our economy, we are removing trade barriers within Canada and, most importantly, we are here to find new partners and deepen partnerships abroad," the Canadian prime minister said.
The investment announced by the Emirates is seen as one of this country's largest commitments in North America and could mark a new phase of economic cooperation between Abu Dhabi and Canada, particularly in the strategic areas of technology and green energy.
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