The United Arab Emirates said on Friday it will invest up to $50 billion in Canada under a framework that includes projects in artificial intelligence, energy, and mining sectors.
The UAE has been looking to expand its energy investments abroad, especially through its recently launched firm XRG, the foreign investment arm of Abu Dhabi’s oil major, ADNOC.
Abu Dhabi is also investing heavily in AI, with plans to build one of the world’s largest data center hubs in the country with U.S. technology.
Emirati state-linked tech firm, G42, is driving the development of its AI industry.
The signing of the framework came at the sidelines of a visit by Canada’s Prime Minister Mark Carney to Abu Dhabi, the UAE investment ministry said in a statement.
(Reporting by Federico Maccioni; Writing by Nayera Abdallah; Editing by Clarence Fernandez and Rashmi Aich)