UAE to Invest $70 Billion in Canada, Ottawa Says

The crown prince of Abu Dhabi is in Ottawa for meetings with Prime Minister Mark Carney today that are expected to culminate in a $70 billion investment in Canada by the United Arab Emirates.

Carney greeted Sheikh Khaled bin Mohamed bin Zayed Al Nahyan at a welcome ceremony held on Parliament Hill on Oct. 27, followed by a joint signing ceremony between the two officials.

Carney told reporters the leaders would share details later today of the strategic partnership, which is expected to include the $70 billion investment and expand the current trade partnership between the two countries.

“Canada and the United Arab Emirates have enormous potential to deepen our economic and security ties,” Carney said. “Building on the progress we have made over the past year, we will turn that potential into concrete results—more trade, new investment, and greater certainty, security, and prosperity for both our peoples.”

The crown prince arrived in Canada on Oct. 26 and was the guest of honour at a state dinner hosted by Carney in downtown Ottawa. Carney, who spoke at the dinner, said the countries are bound by a shared determination to “build for the future.”

Carney visited the United Arab Emirates last November, when the UAE first pledged to invest around $70 billion in Canada.

Free trade negotiations continued this summer between Canada and the UAE and were completed around six weeks later. 

International Trade Minister Maninder Sidhu told a press conference in Toronto in July that a legal review would be completed before the deal could be officially signed and ratified.

The federal government’s website says bilateral merchandise trade between Canada and the UAE reached $3.5 billion in 2025, with $2.8 billion in exports and $679.1 million in imports.

The Canadian Press contributed to this report.