· Ottawa / Abu Dhabi · by North Shore Lately Staff
Carney Returns From UAE With $70B in Vibes, Says It’s “Basically in the Mail”
Carney Returns From UAE With $70B in Vibes, Says It’s “Basically in the Mail”
ABU DHABI / OTTAWA – Prime Minister Mark Carney has wrapped up his desert shopping trip with what Ottawa describes as a “historic agreement” for the United Arab Emirates to invest the equivalent of $70 billion in Canada’s “vital sectors.”
Exactly which sectors are vital will be determined later, by a blue-ribbon panel of consultants who are also widely considered vital.
---
Bring-Your-Own-Billions
According to the government, the UAE has committed to considering the possibility of investing up to $70 billion over some as-yet-undeclared number of timelines, subject to the conclusion of several memorandums of understanding, impact assessments, climate-screening frameworks, and at least one extremely inspirational press conference.
“This is real money, real projects, real jobs,” Carney said, standing in front of a screen that read:
CANADA: OPEN FOR BUSINESS (TERMS AND CONDITIONS APPLY).
“You can tell it’s serious because we used the word framework six times in one news release.”
Officials clarified that “up to $70 billion” is a flexible concept that could include:
- Direct investment
- Future investment
- Investment that might have happened anyway
- The theoretical value of good feelings generated by the trip
---
Math Corner: How $50B Becomes $70B
Observers noted that the UAE itself talked about investing up to US$50 billion in Canada, which somehow turned into $70 billion in Canadian government communications.
“Look, have you seen the exchange rate?” explained one senior official, speaking on background from a hotel lobby decorated entirely in marble and LED waterfalls. “You convert to Canadian dollars, then add GST, optimism, and a modest rounding error. Bam. Seventy.”
Economists say the exact number doesn’t matter because none of the money has actually been spent yet, which places it in the same asset class as your friend’s startup that is “pre-revenue but post-vibes.”
---
Critical Minerals Now 37% More Critical
Carney also announced Ottawa is working on a $1-billion project to expand Canada’s critical minerals processing capacity, which is different from previous announcements about critical minerals because this one has an additional adjective.
“We used to have minerals,” Carney told the Canada-UAE Business Council. “Now they’re critical. Soon they’ll be super-critical and that’s when the PowerPoints really start to sing.”
No one is entirely sure where this new processing facility will go, but sources say the shortlist includes:
- “Somewhere near existing infrastructure”
- “A region that really needs jobs”
- “Whichever riding currently looks sweatiest in the polls”
---
Canada: We Have What the World Wants, We Just Need to Find It
Carney’s sales pitch to Emirati investors reportedly centered on Canada’s vast storehouse of things people vaguely agree are good: clean energy, minerals, AI talent, and very polite regulatory hurdles.
“Canada has what the world wants,” Carney repeated, “we just need a few years, a dozen environmental reviews, three Indigenous benefit agreements, and a full cabinet retreat in Tofino to decide exactly how you’re allowed to want it.”
One UAE delegate, asked what drew them to Canada, replied:
> “You have stability, rule of law, and a government so desperate to announce investment that they will gladly count our frequent-flyer miles as FDI.”
---
The Clause You Definitely Shouldn’t Read Closely
The investment is being wrapped in a shiny new pact on the “promotion and protection of foreign investment,” which in practice means:
- Promotion: Canada will host more receptions with tiny sliders and maple leaf lapel pins.
- Protection: If any future government gets uppity about climate, labour standards, or local jobs, investor–state dispute settlement is waiting in the wings, humming ominously.
“This agreement will give investors confidence,” said a federal official. “Some might say too much confidence, but those people don’t get invited on the trade mission.”
---
Everyday Canadians React
Back home, reactions ranged from cautiously optimistic to “wait, didn’t we just spend five years talking about foreign influence?”
- A worker in northern Ontario asked if any of the $70 billion might show up as an actual mine, with an actual shift schedule.
- A Vancouver renter asked if “vital sectors” includes “building literally any housing a human can afford.”
- An Alberta oil worker wondered if the plan is to shut down Canadian fossil projects and then invite a petrostate to invest in our clean energy, just for the irony.
When asked on CBC whether Canadians should believe the money is real, a government spokesperson replied:
> “It’s as real as any other global capital flow contingent on market conditions, regulatory certainty, and the continued existence of the planet. So yes, extremely real.”
---
Coming Soon: Shovels, Eventually
Groundbreaking on the first major project is expected “as early as next year,” according to officials, who declined to specify which year.
In the meantime, the government is calling on Canadians to do their part by:
- Liking the announcement on social media, which helps convert memorandums of understanding into shovels in the ground at a rate of one emoji per quarter-percent of GDP.
- Reassuring their skeptical relatives that “this is totally different from every other big investment announcement that vanished into a PDF.”
- Remaining upbeat, because markets can sense fear.
“Today’s announcement shows Canada is back on the world stage,” Carney concluded, boarding his flight home. “And if all goes according to plan, some of this money might even make it past the press release.”