Ottawa told UAE Canada was ready for its $70 billion investment

“They gave them the only answer they could give them, at this point, we’re not ready. But that is the same answer for everyone," said Co-chair of the UAE-Canada Business Council Jean Charest.

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The Carney government may have landed a commitment from the United Arab Emirates to invest $70 billion into Canada, but inside sources say that Ottawa’s Major Projects Office has since told them that there is nowhere for it to be injected at this time.

According to three government officials who spoke with the Financial Post on anonymity this week, the MPO told an official UAE delegation in mid-June, ‘we have nowhere to put your money.’