UAE to Invest $50 Billion in Canada Across Key Sectors
The United Arab Emirates has announced plans to invest up to $50 billion in Canada under a new framework that targets projects in artificial intelligence (AI), energy, and mining. The agreement highlights growing cooperation between the two countries and reflects the UAE’s strategy to expand its global investment footprint.
Expanding Energy Investments Abroad
The UAE has been steadily increasing its overseas energy ventures. Much of this expansion is being driven by XRG, a recently launched firm that serves as the foreign investment arm of Abu Dhabi National Oil Company (ADNOC). Through XRG, the UAE aims to strengthen its influence in global energy markets and diversify its international partnerships.
Strong Push into Artificial Intelligence
Abu Dhabi is also making bold moves in AI development. The emirate plans to establish one of the world’s largest data centre hubs, supported by advanced US technology. Emirati tech company G42, which is closely linked to the state, is playing a central role in shaping the nation’s AI ambitions and expanding its capabilities in this rapidly growing sector.
Strengthening Ties with Canada
The signing of the investment framework took place during the visit of Canada’s Prime Minister, Mark Carney, to Abu Dhabi. According to the UAE’s investment ministry, the agreement reflects a shared interest in innovation, sustainable development, and strategic cooperation. Both nations see the framework as a foundation for deeper economic ties and mutual growth in vital industries.
with inputs from Reuters