CALGARY — The federal Major Projects Office (MPO) told a delegation from the United Arab Emirates last month that Canada was not yet ready to receive billions in pledged investment.Three anonymous officials close to the matter told the Financial Times that the MPO turned away UAE officials seeking investment opportunities during a business council meeting between that country and Canadian officials hosted by Prime Minister Mark Carney in Ottawa.The officials cited a lack of projects that were at a stage where funds could be deployed.In November, Carney secured a $50 billion investment commitment from UAE President Sheikh Mohamed bin Zayed al-Nahyan and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed al-Nahyan.However, Canadian officials confirm that none of that funding has yet been deployed.“The PM keeps talking about the $50 billion UAE commitment he secured on his first visit in November, but none of that has been deployed,” one Canadian official said.However, a UAE official said the proposed investments would follow the normal progression for “foreign investments, which entails a thorough review of opportunities and planning that normally requires time to move forward.”.UPDATED: Former Trans Mountain executive to head Carney's major projects office.“We continue to work closely with Canada at the federal and provincial levels, as well as with the private sector,” the official said, describing the Canada-UAE relationship as “one of the most important partnerships globally.”Former Quebec premier Jean Charest, who is the current co-chair of the UAE-Canada Business Council, said the MPO represents just one avenue for potential investments.He noted the situation applies to all potential investors and not just the UAE.“They [the MPO] gave them the only answer they could give them at this point: We’re not ready,” Charest said.“But that is the same answer for everyone.”The UAE delegation also expressed particular interest in energy projects, including the proposed pipeline from Alberta to the BC coast.Carney has made doubling trade with non-US partners a priority since taking office in March of last year, and his government established the MPO to accelerate more than 20 major initiatives valued at a combined $135 billion.He has also directed officials to finalize a UAE-Canada trade agreement expected to be signed this month.However, a critical minerals deal announced last November with the UAE has still not materialized, and pressure is now growing on Ottawa to present “shovel-ready” projects at an upcoming investor summit in Toronto in September, which will aim to attract $1 trillion in investment to Canada over the next five years.
