Prime Minister Mark Carney finalized an investment-protection deal with the United Arab Emirates on Thursday during his trip to Abu Dhabi. Media coverage of the visit was limited amid concerns about the country’s alleged role in fueling ethnic violence in Sudan.
Carney revealed the investment agreement after a meeting with U.A.E. President Sheikh Mohamed bin Zayed Al Nahyan. Additionally, discussions were initiated for a comprehensive trade agreement between the two nations.
During his visit, Carney also met with Industry Minister Sultan Ahmed al-Jaber and explored 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, culminating in a dinner hosted by the U.A.E.’s national security adviser.
Notably, this visit took place shortly after the U.A.E. and Canada collaborated on enhancing cooperation in artificial intelligence and data centers.
Janice Stein, the founding director of the Munk School of Global Affairs at the University of Toronto, commended the timing of Carney’s visit, citing the U.A.E.’s advancements in AI as beneficial for Canada’s economic growth through investments and innovation.
The U.A.E. has emerged as a key player in AI technology, leveraging its abundant energy resources to power data centers. The country’s strategic alliances, including access to cutting-edge American chip technology, highlight its position as a global economic hub.
Former Quebec premier Jean Charest, co-chair of the Canada-U.A.E. Business Council, emphasized the importance of the investment pact signed by Carney, paving the way for broader trade agreements and reinforcing Canada’s ties with the U.A.E. as a financial hub in the Gulf region.
Carney’s tour of the Sheikh Zayed Grand Mosque showcased the architectural marvel and cultural significance of the Emirati heritage. Despite limited media access during the visit, concerns persist over the U.A.E.’s alleged involvement in supporting militias in the Sudan civil war, a claim vehemently denied by the U.A.E.
The conflict in Sudan involving the Rapid Support Forces (RSF) has raised international alarm, with accusations of ethnic violence and human rights abuses. While the U.A.E. denies arming the RSF, concerns remain over its alleged role in the conflict.
Following his engagements in the U.A.E., Carney will proceed to the G20 leaders’ summit in Johannesburg, South Africa.