UAE and Canada strengthen ties amid potential DP World deal
Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed arrived in Ottawa as the Gulf state looks to invest billions in the country.
The United Arab Emirates is deepening its economic connections with Canada as the Dubai Ports giant DP World prepares to link its worldwide logistics network to Manitoba's Port of Churchill on Hudson Bay. This partnership aims to explore connecting Churchill and its railway to DP World's global network, potentially creating a gateway for transporting Canadian resources such as liquefied natural gas, grain, and critical minerals to customers in the Middle East and Europe, according to Bloomberg.
The project, estimated to cost $57 billion, follows a recent warning from Prime Minister Mark Carney's investment agency that UAE officials seeking to invest billions in Canada may find no suitable venues for their funds. However, this sentiment seems to be shifting, with Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed visiting Ottawa. He has secured a comprehensive trade agreement and pledged a $50 billion investment from the UAE.
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