Prime Minister Mark Carney sealed an investment-protection deal with the United Arab Emirates on Thursday, during his visit to Abu Dhabi. The visit has been limited in media coverage amid concerns about the country’s involvement in ethnic conflicts in Sudan.
Carney unveiled the investment agreement after a meeting with U.A.E. President Sheikh Mohamed bin Zayed Al Nahyan. The two leaders also initiated discussions for a comprehensive trade agreement, aiming for a robust economic partnership in the future.
Earlier in the day, the prime minister met with Industry Minister Sultan Ahmed al-Jaber before exploring a grand mosque in Abu Dhabi. Subsequently, he engaged in afternoon sessions 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 follows a recent collaboration agreement between the two nations to enhance cooperation in artificial intelligence and data centers.
According to Janice Stein, the founding director of the Munk School of Global Affairs at the University of Toronto, the U.A.E. is emerging as a leader in AI and can provide Canada with investment opportunities and innovation support. Stein emphasized the significance of Carney’s visit, highlighting the U.A.E.’s advancements in AI technologies powered by cost-effective energy sources.
Former Quebec premier Jean Charest, who co-chairs the Canada-U.A.E. Business Council, expressed optimism about the potential for a trade deal between the two countries. Charest emphasized the existing investments by large U.A.E. entities in Canadian infrastructure and the U.A.E.’s aspiration to become a financial hub in the Gulf region.
During his tour of the Sheikh Zayed Grand Mosque, Carney marveled at the architectural marvel, noting the diverse materials used in its construction. Despite media restrictions during the visit, Carney’s engagements focused on strengthening economic ties between Canada and the U.A.E.
The U.A.E. has faced criticism over allegations of supporting a militia in the Sudan civil war, leading to concerns about ethnic violence. However, the U.A.E. denies these accusations, emphasizing its commitment to peaceful initiatives in the region. Carney’s meeting with Sheikh Mohamed did not touch on the Sudan conflict but included discussions on Palestine.
After addressing business leaders, Carney is scheduled to attend the G20 leaders’ summit in Johannesburg, South Africa.
