Canada Turns Away UAE's C$70bn Investment as Major Projects Office Lacks Ready Projects
Updated
Updated · Financial Times · Jul 7
Canada Turns Away UAE's C$70bn Investment as Major Projects Office Lacks Ready Projects
1 articles · Updated · Financial Times · Jul 7
Summary
Mid-June talks between Canada’s Major Projects Office and a UAE delegation ended with Ottawa saying it was too early to deploy the promised C$70bn because suitable projects were not investment-ready.
More than 20 projects worth C$135bn were supposed to be fast-tracked by the office, but officials said candidates are still stuck in regulatory, legal, consultation and financing stages.
Mark Carney has kept touting the UAE commitment secured in November, yet none has been deployed and a separate critical-minerals deal he said was worth over $1bn still has not materialized.
Pressure is rising before a Toronto investor summit in September, where Carney wants to attract $1tn over five years and showcase shovel-ready projects to prove Canada can execute big investments.
The setback underscores broader obstacles to foreign capital in Canada, where pipeline investors remain wary after failed approvals and business groups are pushing for faster regulation, tax competitiveness and export infrastructure.