Prime Minister Mark Carney finalized an investment-protection agreement with the United Arab Emirates on Thursday during his visit to Abu Dhabi, which had limited media presence due to concerns about the country’s alleged involvement in Sudanese ethnic violence.
Carney revealed the investment deal after a meeting with U.A.E. President Sheikh Mohamed bin Zayed Al Nahyan. They also initiated discussions for a comprehensive trade agreement aimed at fostering a robust economic partnership in the future.
Earlier in the day, the prime minister engaged with Industry Minister Sultan Ahmed al-Jaber and then explored a grand mosque in Abu Dhabi. Subsequently, he held meetings with local sovereign wealth funds and investment firms like Mubadala, MGX, ADQ, and ADIC, before attending a dinner hosted by the U.A.E.’s national security adviser.
This visit took place a month after both nations enhanced cooperation in artificial intelligence and data centers. Janice Stein, the founding director of the Munk School of Global Affairs at the University of Toronto, emphasized the U.A.E.’s advancements in AI and its potential to support Canada through investments and innovation.
Stein underscored the importance of Carney’s early visit, citing the U.A.E.’s growing role in AI and its energy-driven data center initiatives akin to Canada’s interests in Alberta’s oilsands. She highlighted the U.A.E.’s access to cutting-edge American chip technology, supported by a pledge from U.S. President Donald Trump.
Former Quebec premier Jean Charest, co-chair of the Canada-U.A.E. Business Council, praised the investment agreement as a precursor to a straightforward trade deal with the U.A.E. He emphasized the U.A.E.’s strategic positioning as a financial hub in the Gulf region and its significant investments in Canadian infrastructure.
Carney also visited the Sheikh Zayed Grand Mosque, lauding its architectural splendor and global materials integration. Media coverage of Carney’s visit was limited, with no scheduled press conferences due to restrictions imposed by Emirati hosts.
The U.A.E. faces mounting scrutiny over alleged support for a militia in the Sudan civil war, an accusation it denies. Stein suggested the U.A.E.’s involvement in the conflict, noting recent peace efforts by Abu Dhabi in contrast to the lack of progress on the opposing side in Sudan.
Following his engagements with business leaders, Carney is set to attend the G20 leaders’ summit in Johannesburg, South Africa.