Canada and UAE Sign Investment-Protection Agreement
Prime Minister Mark Carney finalized an investment-protection agreement with the United Arab Emirates on Thursday during his visit to Abu Dhabi. The agreement is intended to safeguard Canadian investments in the UAE and strengthen economic ties between the two nations.
Carney said the deal was made after a discussion with the President of the UAE Sheikh Mohamed bin Zayed Al Nahyan. Also, the initial talk between the leaders when the trade deal was first mentioned sparked the idea of a broader trade pact that may eventually turn into a comprehensive economic partnership agreement.
Mark Carney met with several officials on his trip to the Emirates, among whom was Industry Minister Sultan Ahmed al-Jaber. Carney visited Sheikh Zayed Grand Mosque and appreciated the intricate mix of raw materials used in the construction of the mosque sourced from different parts of the world expressing that it is a perfect example of the emirate’s success and their ability to produce high-quality works.
Beyond Government Hostings
Carney was not only attending government meetings but also looking for investment opportunities. Later in the day, he sat down with the major players of the UAE sovereign wealth funds and investment management firms such as Mubadala, MGX, ADQ, and ADIC. This is the way of the talks between Canada and the UAE, as it gets them closer to each other in terms of investment and also opens the door for collaborative projects in the areas of infrastructure, technology, and finance.
The day wrapped up with a dinner party thrown by the UAE national security adviser. Carney got more chances among the informal settings there to bond with the Arab leaders and, in turn, to develop the rapport between the two sides further. This is the pattern that the UAE and Canada meetings are following; they focus on how Canada can be there shoulder to shoulder with the UAE as an economic hub in the Gulf region.
Artificial Intelligence Collaboration on the Horizon
Carney’s visit is in line with a Canada-UAE artificial intelligence and data centers agreement that was signed last month. Experts are of the opinion that the timing cannot be better.
Janice Stein, founding director of the Munk School of Global Affairs at the University of Toronto, drew attention to the UAE’s increasing role in AI development. Stein noted that the adoption of AI was very fast throughout the Emirates when she visited them earlier this year. Besides, officials seemed very enthusiastic about Carney’s coming as he is an ex-central banker and an ex-UN envoy.
Stein pointed out that cheap energy from the UAE will help them realize their plans to be a data center hub just as Canada is planning to do with the Alberta oilsands. She went on to say that the UAE will be a superpower in the future AI-driven global economy.
Perspectives from Canadian Business Leaders
Jean Charest, ex-premier of Quebec, and co-chair of the Canada-UAE Business Council, mainly spoke about the importance of Carney’s visit. Charest indicated to the media that the signing of the investment agreement is the first step towards a full trade agreement which he expects to be easy because of Carney’s leadership role.
Charest also mentioned that there are already investments by the UAE in Canada, especially in the area of infrastructure. He went on to say that the relationship between the two countries is one of joint ventures since both parties are economically strong within their regions and can be gateways to the international markets.
Cultural Diplomacy: Touring the Sheikh Zayed Grand Mosque
Carney brought economic diplomacy to the mosque tour alongside cultural engagement. Carney was impressed by the scale and the international materials of the mosque which is famous for its 82 domes and the world’s largest hand-knotted carpet.
He called the mosque an inspiring instance of the local talent and the vision of the Emirati and added that it stands for the ability of the country to dream, build and export world-class achievements.
Limited Media Access Amid Sudan Controversy
Carney’s trip is happening when there is increased questioning of the role that the UAE has in the civil war in Sudan. Media coverage of his bilateral meetings was limited, indicating that there is a general trend of tight control over the coverage of high-level diplomatic engagements.
The UAE has been accused of arming and supporting the Rapid Support Forces (RSF) in Sudan, a paramilitary group that has been responsible for the ethnic violence. While the UAE is rejecting these allegations, the UN report considers them to be accurate. Carney’s official statement about meetings with Sheikh Mohamed didn’t mention Sudan. Instead, it focused on the bilateral issues such as Palestine.
Analysts point out that the UAE has been playing a double game, on one hand, it has been a major arms supplier and on the other hand, it has been facilitating the ceasefire negotiations that were proposed by the Trump administration. This complicated involvement highlights the delicate balance Carney has to maintain between economic engagement and international accountability.
After his visit to the UAE, Carney will be speaking at an event with Canadian-UAE business leaders and then he will be off to South Africa for the G20 summit in Johannesburg. His visit to the Middle East is in line with Canada’s strategy which is a mix of investment promotion and diplomatic engagement with handling the geopolitical and ethical concerns that arise.
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