(MENAFN) The United Arab Emirates (UAE) has approved a significant investment framework with Canada, opening the door for up to 50 billion U.S. dollars to flow into critical Canadian industries, an official statement from a news agency said Friday.

Under the new arrangement, the UAE will direct long-term capital into Canada’s strategic sectors, including energy, artificial intelligence, logistics, and mining, as well as other high-tech industries deemed essential for the country’s economic future.

The announcement follows high-level discussions in Abu Dhabi between UAE President Sheikh Mohamed bin Zayed Al Nahyan and Canadian Prime Minister Mark Carney, during which both leaders stressed the need to strengthen economic ties and facilitate cross-border investment.

The UAE’s foreign direct investment in Canada reached 8.8 billion dollars in 2024, while Canadian investment in the UAE totaled 242 million dollars over the same period, the statement said.

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