The Globe and Mail reports in its Saturday, Nov. 22, edition that Prime Minister Mark Carney concluded a two-day visit to the UAE, promising a significant rise in investment from the region into Canada. The Globe's Steven Chase and Jameson Berkow write that
Mr. Carney said investors from Canada and the UAE are finalizing a $1-billion deal to expand critical mineral processing in the country.
During a speech in Abu Dhabi, the PM announced that the UAE plans to invest $70-billion in Canada.
A senior official said the $70-billion investment pledge represents investments to be made over a roughly one-year period. The Gulf is a key focus for Canada as it aims to diversify trade from the unreliable U.S. Attracting foreign investment in energy, infrastructure, artificial intelligence and resources is a top priority.
Mr. Carney aims to double non-U.S. exports in a decade, increasing annual overseas sales by $300-billion, and expects Canada to attract $500-billion in new private-sector investment over five years.
A number of Canadian companies joined the trip, such as BlackBerry, Open Text, CAE and Air Canada. Joining the PM were representatives from TD Securities, as well as venture capital firm Inovia.
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