Celebrating 50 years of partnership, Canada and the UAE set the stage for sustainable growth

Over the past fifty years, Canada and the UAE have built a strategic partnership based on shared values, economic progress, and a commitment to global challenges. As Co-Chairs of the Canada-UAE Business Council, we have seen this relationship grow.

Throughout the decades, Canada has become a leader in innovation and sustainability, while the UAE has established itself as a global hub for business, finance, and tourism. This partnership, bridging North America, Europe, Asia, and Africa, exemplifies multilateralism and economic cooperation, crucial in today’s world. Today, we reflect on how to deepen this collaboration amid significant global changes.

On December 6 in Abu Dhabi, our organisation will host the Canada-UAE Business Summit, in partnership with the Mubadala Investment Company. To celebrate our 50 years of partnership, this gathering of diplomats, government officials, business leaders, and industry experts will set an ambitious agenda for the future. With clean energy, artificial intelligence (AI), and finance at the forefront, this summit represents a new chapter in a story that has grown stronger with time.

The UAE is one of Canada’s key trading partners in the Middle East and North Africa, consistently ranking among the top export markets in the region. In addition, Canada’s vibrant diaspora in the UAE — numbering over 40,000 — further strengthens the bonds between our nations, highlighting the depth and significance of this enduring relationship.

This robust partnership is further demonstrated by the growing investment flows between the two nations. UAE investments in Canada have reached C$30 billion ($21 billion), strategically allocated across key sectors such as infrastructure, energy, and technology. Similarly, Canada’s aggregate investment value in the UAE, encompassing assets under management and direct investments, is estimated to exceed C$21 billion ($15 billion), primarily focused on infrastructure and finance. These investments highlight the depth and vitality of their economic relationship, driving innovation and growth on both sides.

As global attention shifts towards sustainable development, Canada and the UAE are well-positioned to lead in clean energy innovation. Both nations are leveraging their strengths and ample resources to develop advanced technologies in small modular reactors (SMRs), hydrogen, and carbon capture, and storage (CCS), all of which are integral to reducing emissions and fostering a green economy.

The UAE’s long-standing commitment to clean energy is demonstrated through its significant investments, including Masdar City, which aims to be a global model for sustainable urban living, and the UAE’s Net Zero by 2050 Strategy. Similarly, Canada’s expertise in clean technology aligns with its ambitious climate goals under the Paris Climate Agreement, including its focus on reducing emissions through low-carbon technologies like SMRs and hydrogen.

Through collaboration on joint ventures in these key sectors, Canada and the UAE are uniquely positioned to drive forward innovation in the energy transition. Together, the countries are addressing the dual challenge of reducing global emissions and advancing the technologies that will shape the future of clean energy. The newly established COP28-led Catalytic Transition Fund, a $1 billion initiative between UAE’s ALTÉRRA and Canada’s Brookfield Asset Management, will play a critical role in supporting global clean energy projects and efforts toward decarbonisation. This collaboration will enable the development of next-generation technologies, further accelerating the global shift toward sustainable energy solutions.

In combining their strengths in clean technology and large-scale energy investments, Canada and the UAE are not only leading the charge on regional energy transition but also setting the stage for a global, green transformation.

Canada’s thriving tech sector, particularly in AI, cybersecurity, and advanced manufacturing, is a natural complement to the UAE’s status as a digital transformation leader in the region.

The writers are Co-Chairs of the Canada-UAE Business Council.