Canada is telling the United Arab Emirates that it is not yet ready to proceed with a planned C$70 billion investment, according to multiple reports citing the Financial Times. The delay is linked to a lack of “shovel-ready” projects that Canada can immediately offer for funding. The proposed plan is associated with efforts under former central bank governor Mark Carney to expand Canada’s trade and investment ties beyond the United States, including by doubling trade with partners outside the U.S. Canadian officials and related parties indicate that, while the investment idea is under discussion, Canada needs suitable, ready-to-execute projects before money can be deployed at the scale described. One outlet also frames the situation as investments from the UAE sitting on hold. The reports do not provide details on specific projects or timelines for when Canada expects to be ready, focusing instead on the readiness gap for potential deals.