ABU DHABI — The United Arab Emirates plans to invest $50 billion USD in Canada, the equivalent of $70 billion, according to the office of Prime Minister Mark Carney.

Carney’s office says the deal is part of a bilateral investment framework agreement, and did not indicate what timeline under which the dollars would flow.

His office says the funding is a vote of confidence in the Canadian economy, which has been suffering from the U.S. trade war and productivity issues.

The UAE foreign ministry has not published a notice of the deal, but media reporting suggests the funding will include energy, AI logistics, mining and other strategic industries.

The investments would likely involve the country’s large sovereign wealth funds, and follow Carney making the first visit of a sitting Canadian

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