Canada-UAE Energy Leaders Affirm Enhanced Partnership in the Post-COVID Recovery

“The UAE-Canada relationship has grown and strengthened in the past several years.  As the Co-Chair of the Canada-UAE Business Council, I have seen first-hand the synergies and business opportunity between the two countries.  As the UAE looks to diversify economically moving forward, through initiatives such as Abu Dhabi Economic Vision 2030, I am optimistic about the opportunities for further collaboration with Canada, particularly in areas such as the 4^th Industrial Revolution, Artificial Intelligence, Aerospace, Infrastructure and Logistics, Food Security and Healthcare.”

–  Mr. Musabbeh Al Kaabi, CUBC Co-Chair and CEO, UAE Investments, Mubadala Investment Company

UAE Minister H.E. Al Mazrouei described the significance of the recent Abu Dhabi National Oil Company (ADNOC) mega deal concluded in June as an important building block to further improve the Canada-UAE relationship by unlocking value in the country’s energy infrastructure. The ADNOC deal yielded US$10.1 billion in foreign investment in the UAE’s gas pipeline assets through a consortium of global investors, including Canada’s Brookfield Asset Management and Ontario Teachers’ Pension Plan Board.  Similarly, the UAE’s investments and assets across Canada, where a third of the world’s proven oil reserves are held, were also highlighted to underscore the growing Canada-UAE energy nexus.

“It is an exciting time for the Canada-UAE relationship, with last week’s announcement of a massive energy infrastructure investment by Canadian organizations into the UAE being one example of the increased collaboration between the two countries.  As the Co-Chair of the Canada-UAE Business Council, I have seen up-close the multiple opportunities for Canada in the UAE and vice-versa.  There is untapped potential for Canada to collaborate more closely with the UAE, particularly in knowledge sectors such as Artificial Intelligence, clean technologies, and general innovation – all areas in which Canada excels.”

–   The Honourable Jean Charest, Partner, McCarthy Tétrault LLP

Turning to broader economic issues, leaders from the UAE and Canada highlighted their response to climate change.  Premier Kenney outlined that, while the current situation in its oil and gas sector is challenging for Canada, Alberta is committed to furthering its progress and leadership in reducing carbon intensity, which currently stands lower than California, and in investing in clean technologies that contribute to a reduction in environmental impacts from the industry.  The discussion also affirmed the UAE’s ongoing priority to diversify its energy sources to 50% renewables by 2050 by making $160 billion in investment in green energy.

“The Canada-UAE energy nexus continues to progress from value creation, to sustainable development, to promoting gender diversity across the sector. The recent news of Canada’s significant investment into ADNOC’s energy infrastructure via Brookfield Asset Management and the Ontario Teacher’s Pension Plan Board has demonstrated that our energy partnership with the UAE is one of mutual interest and shared aspirations.  In my view, this is the start of a new exciting chapter in the Canada-UAE relationship. ”

–   H.E. Marcy Grossman, Ambassador of Canada to the United Arab Emirates

“During these unprecedented times, the UAE and Canada have proactively and strategically managed challenging circumstances to forge a path forward that protects both the health and economic well-being of its communities.   The recent announcement of the largest energy infrastructure investment in the UAE with heavy involvement from 2 Canadian companies shows this embrace of transformational approaches and long-term views, and is a great sign of both the developing relationship and the opportunities ahead. ”

–  H.E. Fahad Saeed Al Raqbani, UAE Ambassador to Canada