The UAE and Canada are looking to boost trade ties as investment passes $70bn and the countries look to commence launch Comprehensive Economic Partnership Agreement (CEPA) negotiations.
The Canada-UAE Investment Summit in Abu Dhabi has reinforced the rapidly expanding economic partnership between the two countries, with senior ministers and global industry leaders unveiling new agreements and developing relations.
Hosted by the Canada-UAE Business Council (CUBC) in partnership with ADNOC and XRG, the forum brought together government officials, institutional investors and private-sector executives to accelerate cooperation across priority sectors including energy, technology, infrastructure and artificial intelligence.
UAE and Canada investments
The high-level gathering featured Mark Carney, Prime Minister of Canada; Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC, and Executive Chairman of XRG; Dr. Thani Al Zeyoudi, UAE Minister of Foreign Trade; and Mohamed Hassan Alsuwaidi, UAE Minister of Investment, Managing Director and Group CEO of ADQ.
Opening the Summit, Musabbeh Al Kaabi, CEO of Upstream at ADNOC and Co-Chair of the Canada-UAE Business Council, highlighted the depth of the bilateral relationship, which now exceeds AED260bn ($70.8bn).
He said: “The collaboration between Emirati and Canadian institutions continues to open new avenues for investment and innovation. With a bilateral investment partnership now surpassing AED260bn (C$100bn), our shared ambition has never been stronger.
“Together, we can accelerate solutions in energy, technology, and infrastructure, creating long-term value for our economies while underpinning the next phase of growth and prosperity.”
Summit discussions centred on mobilising institutional and alternative capital and advancing national investment priorities. Leading organisations — including Mubadala Investment Company, ADQ, e&, Power Sustainable, TD Securities, Inovia Capital, Mila, TELUS Digital, Space42 and the Technology Innovation Institute (TII) — presented insights on innovation ecosystems and emerging co-investment opportunities.
The event also saw a series of high-impact partnership announcements, including:
- An investment collaboration agreement between Invest in Canada and the UAE Ministry of Investment
- A cybersecurity and secure communications partnership between BlackBerry and the UAE Cybersecurity Council
- A strategic artificial intelligence agreement between Mila and the Technology Innovation Institute
Jean Charest, Partner at Therrien Couture Joli-Coeur and Co-Chair of the Canada-UAE Business Council, closed the Summit by highlighting its role in driving sustainable growth and long-term prosperity for both nations.
CEPA negotiations to begin
Speaking on the sidelines of the Summit, Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, confirmed that negotiations on a CEPA between the UAE and Canada will begin soon.
He said the agreement is expected to double bilateral trade to more than $10bn in the coming years. Non-oil trade reached around $3.5bn last year, which he described as below the ambitions of both countries.
Al Zeyoudi said UAE investments in Canada continue to expand, now exceeding $30bn across sectors such as logistics, ports and energy. Discussions at the Summit also explored cooperation in renewable energy, expanding air travel links and increasing UAE investment in Canadian infrastructure.
He added that plans are underway to double United Arab Emirates investments in Canada, supported by a newly signed Memorandum of Understanding between the Ministry of Investment and its Canadian counterparts.
