The United Arab Emirates announced on Friday that it would invest up to $50 billion in Canada under a framework that covers mining, energy, and artificial intelligence projects.
The UAE has been seeking to increase its energy investments overseas, particularly through the recently established company XRG, which is the foreign investment division of ADNOC, the primary oil company in Abu Dhabi.
With plans to construct one of the biggest data center hubs in the world using American technology, Abu Dhabi is also making significant investments in artificial intelligence.
G42, an Emirati state affiliated technology company, is spearheading the growth of its AI sector. According to a statement from the UAE investment ministry, the framework was signed concurrently with Canadian Prime Minister Mark Carney's visit to Abu Dhabi.
