Canada tells UAE it is not ready for its C$70bn investment
Lack of shovel-ready projects is holding back Mark Carney’s plan to double trade with partners outside of the US
Ilya Gridneff in Toronto
Published YESTERDAY
Updated02:40
Prime Minister Mark Carney’s flagship investment agency has delivered a blunt message to United Arab Emirates officials looking to pour billions of dollars into Canada: we have nowhere to put your money.
Three officials, speaking on the condition of anonymity, said the Calgary-based Major Projects Office in mid-June told an official UAE delegation it was too soon to inject capital into Canada.
“The PM keeps talking about the C$70bn [US$49bn] UAE commitment he secured on his first visit in November. None of that has been deployed,” said one Canadian official.
Carney landed a US$50bn commitment from UAE president Sheikh Mohamed bin Zayed al-Nahyan and Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed al-Nahyan, who made the official announcement in November. Oil-rich Abu Dhabi manages almost $2tn in sovereign funds.
But after Carney hosted a UAE-Canada Business Council meeting in Ottawa in mid-June, the MPO turned away members from the Emirati delegation who were seeking investment opportunities, the officials said. The reason was a lack of projects at a stage where they could deploy the money.
Former Quebec premier Jean Charest, who is the co-chair of the council, said the MPO was “only one bucket of potential projects”.
“They [the MPO] gave them the only answer they could give them, at this point, we’re not ready. But that is the same answer for everyone,” he said.