Minister of Investment Fahd Al-Saif affirmed that under the leadership of Crown Prince and Prime Minister Mohammed bin Salman, Saudi Arabia has become one of the fastest-growing economies among the G20, with GDP rising by about 85% since 2017, from approximately $720 billion to over $1.3 trillion last year.

Al-Saif explained in his speech during the Saudi-Canadian Investment Forum, held at the Ritz-Carlton Hotel in Jeddah, that the meeting between Canadian Prime Minister Mark Carney and the Crown Prince came at an important stage in the bilateral relations, at a time when the Kingdom is undergoing an unprecedented economic transformation led by Saudi Vision 2030.

New Phase. He said: 'This visit, at this level and scale, represents a practical translation of a new phase of cooperation between our two countries. The Saudi-Canadian Coordination Council, announced today, will contribute to strengthening institutional communication between the two governments, and support addressing challenges that investors may face, thereby enhancing the business environment and facilitating investment flows. We also welcome the start of discussions on an investment promotion and protection agreement, which is an important step to enhance confidence and provide a stable and reliable investment environment for investors in both countries. In the coming moments, we will witness the signing of several investment agreements, reflecting the breadth of available opportunities and translating our aspirations for partnerships into practical reality. For Saudi companies, Canada represents an important partner with global expertise, quality capital, advanced technologies, and a strong record of reliable partnerships. In return, the Saudi investor brings to Canada long-term investment and strategic capital, supported by a competitive economic framework and a clear vision aimed at building sustainable businesses that generate real economic value, along with sustainable financial performance.'

New Horizons. Al-Saif added: 'I am pleased to welcome you to the Kingdom of Saudi Arabia, your second home, where we meet today in a spirit of partnership, future ambition, and shared belief that investment is the bridge connecting economies and enhancing the prosperity of peoples. I am also pleased to welcome you to the Saudi-Canadian Investment Forum, which today brings together an elite group of decision-makers, business leaders, and investors from both countries to explore new horizons for economic partnership and give new momentum to investment relations between the Kingdom of Saudi Arabia and Canada.'

He noted: 'Saudi growth continues its momentum; the International Monetary Fund recently raised its forecast for Saudi economic growth in 2027 to 5.5%, a new confirmation of the strength, resilience, and robust medium- and long-term prospects of the Saudi economy. Non-oil activities now represent more than half of GDP, and investment has become the main driver of economic growth and diversification, and the fundamental pillar for building a more competitive and sustainable economy.'

Strong Ambition. He stated: 'The discussions we witnessed earlier today confirmed that Saudi Arabia and Canada share a strong ambition to build more competitive, innovative, and open economies capable of creating opportunities, attracting investments, and achieving sustainable economic value. This visit represents an important step towards translating this ambition into tangible partnerships and projects.'

He pointed out: 'Although investment is the focus of our meeting today, Saudi-Canadian relations are fundamentally built on strong human ties, accompanied over the past decades by growing economic and trade relations. Canadian companies have been part of the investment story in the Kingdom since 1979, and today 625 Canadian companies operate in the Saudi market, including 13 regional headquarters. Last year, we issued nearly 250 investment licenses to Canadian companies, double the number issued in the previous year. These figures reflect what has been achieved so far, but they also reflect the size of the opportunities that still lie ahead. Canada is an important investment partner, while the Kingdom continues to provide high-quality, long-term investment opportunities across various sectors. Since 2017, foreign direct investment inflows to the Kingdom have increased about fivefold, and the stock of foreign direct investment has doubled to reach nearly $293 billion. Total fixed capital formation has also doubled to over $370 billion last year, and non-oil and non-government investment now accounts for about 77% of total investment.'

Integrated Systems. He mentioned: 'The Kingdom is working to build integrated national systems that turn these opportunities into promising investment sectors, including an advanced mining and critical minerals system, an integrated artificial intelligence system, and a more competitive financial sector encompassing capital markets, insurance, private equity, and venture capital. These are all areas where Canadian expertise complements Saudi opportunities, creating added value for both sides and laying the foundation for long-term partnerships. Opportunities are not limited to these sectors but extend to education, infrastructure, aviation, and logistics, where Canadian institutions can contribute to vocational training, applied research, and future skills development. Major global events, foremost among them Expo 2030 and the 2034 World Cup, along with projects to expand transport and logistics networks, open vast horizons for Canadian companies in design, engineering, and project management.'