According to three Canadian government officials, the UAE approached Ottawa ready to deploy C$70 billion into Canadian mega‑projects — money Prime Minister Mark Carney has repeatedly referenced publicly.
But when Emirati investors asked Canada’s Major Projects Office where they could put that capital, the response was:
“We’re not ready.”
— Jean Charest, co‑chair of the UAE–Canada Business Council
Officials told the FT there is a disconnect between Carney’s public statements and the actual readiness of Canadian projects. One source said:
“The PM keeps talking about the money… none of that has been deployed.”
Why Canada said “not ready”The Major Projects Office reportedly told the UAE that no major projects are currently prepared for investment — not just for Emirati capital, but for any foreign investor.
This includes:
Critical minerals projects Carney said were “in the process of being finalized” (but still not finalized)
Energy and infrastructure proposals that are still in early planning
A UAE‑expressed interest in the new Alberta–BC oil pipeline, but no details were ready to present
In short: Canada has no shovel‑ready megaprojects that meet the scale and timeline the UAE wants.
Why the UAE is frustratedThe UAE sovereign wealth funds (ADQ, Mubadala, ADIA) are accustomed to rapid deployment into large‑scale projects.
They expected:
Clear project lists
Defined timelines
Regulatory pathways
Investment‑ready proposals
Instead, they were told Canada’s internal processes are not prepared to absorb capital at that scale.
Why this mattersThis is politically sensitive for Carney because:
He has repeatedly touted the C$70 billion as a major economic win.
But officials say none of it is actually flowing yet.
Canada’s slow project‑approval system is now blocking one of the largest foreign investment offers in Canadian history.
It also raises questions about Canada’s ability to execute megaprojects — especially as Carney pushes defence expansion, critical minerals, and infrastructure upgrades.