UAE Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi said Friday there has been “very positive progress and negotiation and discussion” about the Gulf country’s sovereign wealth funds investing in Canadian projects. He and Canada’s International Trade Minister Maninder Sidhu were in Toronto to announce both countries had wrapped talks for a trade deal. (The Globe and Mail)

Talking point: Prime Minister Mark Carney announced in Abu Dhabi last November that the UAE had committed to invest $70 billion in Canada—part of his efforts to reduce economic reliance on the U.S. Earlier this month, the Financial Times reported that the Calgary-based Major Projects Office had told a delegation of would-be Emirati investors that none of the projects were ready for that injection of capital. Al Zeyoudi rejected that characterization and said that state-owned oil company ADNOC has led some of the talks, with an announcement coming soon.