Skip to Content Subscribe Our Offers My Account Manage My Subscriptions FAQ Newsletters Canada Canadian True Crime Canadian Politics Health World Israel & Middle East Financial Post NP Comment Longreads Puzzmo Diversions Comics NP News Quiz New York Times Crossword Horoscopes Life Eating & Drinking Style Sponsored Play for Ontario Travel Travel Canada Travel USA Travel International Cruises Travel Essentials Culture Books Celebrity Movies Music Theatre Television Business Essentials Advice Lives Told Tails Told Shopping Buy Canadian Home Living Outdoor Living Kitchen & Dining Tech Style & Beauty Personal Care Entertainment & Hobbies Gift Guide Travel Guide Amazon Prime Day Deals Savings National Post Store More Sports Hockey Baseball Basketball Football Soccer Golf Tennis Driving Vehicle Research Reviews News Gear Guide Obituaries Place an Obituary Place an In Memoriam Classifieds Place an Ad Celebrations Working Business Ads Archives Healthing Epaper Manage Print Subscription Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ Newsletters Canada World Financial Post NP Comment Longreads Puzzmo Diversions Life Shopping Epaper Manage Print Subscription HomeNP CommentJesse Kline: Mark Carney's $70-billion U.A.E. deal to nowhereThe Middle East country was ready to invest, but there was nothing to invest inLast updated 28 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.Prime Minister Mark Carney takes part in a press conference at the National Press Theatre in Ottawa June 25, 2026. Photo by Blair Gable/Postmedia Photo by Blair Gable /Photo by Blair Gable / PostmediaGiven that the Liberals long ago ditched Stephen Harper’s vision of transforming Canada into an “energy superpower,” Prime Minister Mark Carney has resorted to going cap-in-hand to actual energy superpowers to get some of their sweet, sweet oil money. The only problem: despite his promise to fast-track nation-building projects, Canada still doesn’t have anything to invest in.Enjoy the latest local, national and international news.Exclusive articles by Conrad Black, Barbara Kay and others. Plus, special edition NP Platformed and First Reading newsletters and virtual events.Unlimited online access to National Post.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles including the New York Times Crossword.Support local journalism.Enjoy the latest local, national and international news.Exclusive articles by Conrad Black, Barbara Kay and others. Plus, special edition NP Platformed and First Reading newsletters and virtual events.Unlimited online access to National Post.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles including the New York Times Crossword.Support local journalism.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThis week, Carney made an historic trip to Saudi Arabia, becoming the first prime minister to visit the kingdom in 26 years. There, he met with Crown Prince Mohammed bin Salman and announced the creation of a bilateral council to advance joint political and economic priorities, a memorandum of understanding on energy co-operation and an agreement to promote trade and finalize a foreign investment deal by the end of next year.This newsletter from NP Comment tackles the topics you care about. (Subscriber-exclusive edition on Fridays)By signing up you consent to receive the above newsletter from Postmedia Network Inc.We encountered an issue signing you up. Please try againThe prime minister is ultimately hoping to entice officials from Saudi Arabia’s sovereign wealth fund to attend the Canada Investment Summit, which will be held in Toronto in September, and contribute to the Liberals’ goal of attracting $1 trillion in new investments over the next five years.The visit follows a similar trip to the United Arab Emirates last fall, where Carney said he secured $70 billion worth of investments. Yet according to a report in the Financial Times this week, when U.A.E. officials contacted the Major Projects Office (MPO), which is responsible for fast-tracking infrastructure projects, they were told there was nothing to invest in, as all the projects are still mired in bureaucratic red tape — the very thing the MPO was created to cut through.“The PM keeps talking about the $70-billion U.A.E. commitment he secured on his first visit in November. None of that has been deployed,” a Canadian official, speaking on condition of anonymity, told FT. Jean Chariest, who’s co-chairing the U.A.E.-Canada Business Council, confirmed that the MPO “gave them the only answer they could give them at this point: we’re not ready.”To be fair, Carney’s goal has always been to secure infrastructure approvals within a “maximum of two years,” and the first tranche of major projects were announced last September. But the fact that almost a year has passed since the MPO was created and none of the 18 projects it’s currently reviewing are far enough along to accept investor funds is a scathing indictment of the prime minister’s promise to build the Canadian economy in record time.Carney also said in November that a $1-billion critical minerals agreement between Canada and the U.A.E. was “in the process of being finalized.” But nine months later, nothing has been announced, which doesn’t bode well for the promises he made in Saudi Arabia this week.None of this should come as a surprise, for if there’s one thing Canada’s good at, it’s creating impediments to getting things built. A decade ago, companies such as Kinder Morgan, Enbridge and TC Energy were eager to invest tens of billions of dollars in pipelines running to both coasts, but a lack of political will ended up pumping the breaks on all but Trans Mountain, which had to be nationalized to get it across the finish line.Now, the federal and Alberta governments are seemingly aligned on the need for more pipelines, but private-sector buy-in has not been secured, because no one believes the newfound political will in Ottawa will be enough to overcome the Liberals’ Byzantine approvals process, along with opposition from provincial premiers, environmental groups, First Nations and other special interests, which have been so successful at blocking major projects in the past.As Alberta Premier Danielle Smith said last week, “We have pipeline companies that have literally spent billions of dollars in recent years on failed regulatory approval processes. That’s the environment we’re finding ourselves in.”It’s also an environment that has seen the Carney government trying to play both sides of the coin, attempting to appease environmental groups and British Columbia’s hard-left NDP government by maintaining the Impact Assessment Act and the tanker ban off B.C.’s northern coast, while promising provinces that are rich in energy and critical minerals that their resources will finally be developed.While Carney’s attempts to drum up trade and investment are all for the good, the limits of his strategy to centrally plan Canada’s economy are being exposed. The prime minister should not be forced to defend his push to thaw relations with the Saudis, as his predecessor’s refusal to do business with a select group of unsavoury characters only served to make Canadians poorer, without yielding any tangible human rights gains.But Carney should have to account for his failure to create a business environment that people actually want to invest in. And if he’s going to travel half way around the world to convince Arab sheiks to pump oil money into our economy, he should make sure there’s actually something for them to invest in.National Post jkline@postmedia.comTwitter.com/accessd Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.