The United Arab Emirates announced  plans to invest $50 billion in artificial intelligence, energy, and mining projects in Canada.
The move is part of Abu Dhabi’s strategy to expand its global energy investments through its new foreign investment arm, XR G, linked to the Abu Dhabi National Oil Company (ADNOC). The UAE is also heavily investing in artificial intelligence, including plans to build one of the world’s largest data centers using U.S. technology. Government-affiliated company G42 is spearheading the country’s AI development efforts.
The framework agreement was signed during a visit by Canadian Prime Minister Mark Carney to Abu Dhabi, the UAE Ministry of Investment said.