ABU DHABI — Prime Minister Mark Carney announced a significant investment initiative as he wrapped up his visit to the United Arab Emirates. Carney revealed that Canada is working on a $1 billion project to enhance its critical minerals processing capacity. This announcement coincides with a commitment from the UAE to invest $70 billion in various sectors in Canada.

During a speech to the Canada-UAE Business Council, Carney expressed his satisfaction with the progress of the agreement, stating, "I’m pleased that an agreement valued over $1 billion is in the process of being finalized. This will expand critical minerals processing capacity in Canada, creating jobs and boosting the long-term supply of minerals essential to energy technologies and advanced manufacturing. More on that soon."

Carney emphasized the importance of this project for economic growth and human development. He noted, "We are a global leader in AI, in quantum and life sciences. And we realize it’s time to begin to commercialize these strengths, for the benefit of humanity."

The Prime Minister extended an invitation to Emirati investors to visit Canada, aiming to foster further major projects. He mentioned the recent signing of an investment-protection agreement and the initiation of trade negotiations. "We welcome UAE investors to visit Canada — I will personally host them — to explore investment in Canada’s transformative projects," Carney said.

His office confirmed that the UAE has agreed to invest $50 billion in Canada, although the UAE foreign ministry has not yet released an official statement regarding the deal. Reports suggest that the investment will target sectors such as energy, artificial intelligence, logistics, and mining.

Carney's office described the funding as a vote of confidence in the Canadian economy, which has faced challenges due to the U.S. trade war and productivity issues. He expressed optimism about the potential for trade between Canada and the UAE, stating, "I am very confident that Canada and the UAE can more than double trade in less than a decade."

He highlighted the alignment between Canada and Gulf nations as trading partners and energy leaders committed to sustainability. "To the uninitiated, Canada and the UAE can appear as different as snow and sand, yet we’re deeply, deeply aligned," Carney remarked.

Looking ahead, Carney indicated that artificial intelligence, energy, and agriculture will be key focuses of a trade mission to the UAE next year. He described his visit as the beginning of a "new chapter" in relations between the two countries, marking the first visit by a sitting Canadian prime minister since 1983.

In addition to trade discussions, Carney addressed the ongoing civil war in Sudan with UAE President Sheikh Mohamed bin Zayed Al Nahyan. While he did not take a stance on the accusations against the UAE regarding its involvement in the conflict, he acknowledged the conversation about U.S. efforts for peace in Sudan. "We did discuss the situation in Sudan," Carney said, referring to the collaborative efforts of the U.S., UAE, Saudi Arabia, and Egypt to establish a ceasefire.

Carney's remarks came just before he departed for Johannesburg to attend the G20 leaders' summit. Canada has outlined five priorities for the summit, including improving critical mineral supply chains, utilizing AI for sustainable development, and advancing gender equality through economic growth.

This report was first published on November 21, 2025.