The economic relations between Saudi Arabia and Canada are entering a new phase that goes beyond traditional trade exchange towards building long-term investment partnerships, driven by converging economic interests and a shared vision based on innovation, diversification, and investment in future sectors.

In this context, the Kingdom affirmed that the economic transformation led by Vision 2030, and the more competitive and open business environment it has provided, opens wide horizons for Canadian investors. Canada is a strategic partner with advanced expertise and technologies that can be employed to support development targets, laying the foundation for a new phase of economic cooperation between the two countries.

Saudi Economic Growth

During the Saudi-Canadian Investment Forum, which began on Thursday in Jeddah, Canadian Prime Minister Mark Carney said that Saudi Arabia has become one of the most important pillars of the global economy, praising the significant and remarkable acceleration in Saudi economic growth at all levels and technical indicators, alongside the massive structural transformations the country is undergoing under Vision 2030.

He stressed his country's keenness to strengthen economic partnerships with Saudi Arabia, affirming that the agreements signed between Riyadh and Ottawa during the Saudi-Canadian Investment Forum reflect the joint ambitions of the two countries to enhance cooperation in various sectors.

Carney affirmed that the world has become more interconnected, and the importance of dialogue lies in building communication bridges and strengthening partnerships based on mutual interests, noting that the meetings between the two sides represent an important platform to expand areas of cooperation in the coming period.

Canada will become a global energy superpower by building our strength at home and forging new partnerships abroad. This morning in Jeddah, I met with his Royal Highness Prince Abdulaziz bin Salman and Saudi Aramco CEO Amin H. Nasser to identify new ways we can partner — and... pic.twitter.com/1eAvbqbrIF — Mark Carney (@MarkJCarney) July 9, 2026

He praised the leadership of Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, and Vision 2030, considering that it has provided a model focused on achievement and work, contributing to stability and development within the Kingdom and the region.

He explained that relations between Canada and Saudi Arabia are experiencing rapid growth, and represent Canada's second largest partnership with Gulf Cooperation Council countries, stressing that the private sector plays a key role in consolidating this relationship and making it more sustainable.

He noted that a number of Canadian ministers will continue their visits to the Kingdom to follow up on cooperation files, including artificial intelligence, investment, and the financial sector, reflecting the two countries' commitment to expanding partnership horizons and attracting more investments.

He indicated that the mining sector is one of the most prominent areas of future cooperation, noting the significant development the Kingdom has achieved in this sector in recent years, and the opportunities it provides to integrate Canadian expertise with Saudi investments, develop human capabilities, enhance scientific research, and create new job opportunities.

Group photo of participants at the Saudi-Canadian Investment Forum (Asharq Al-Awsat)

He pointed out that cooperation between Saudi Arabia and Canada extends to the energy and infrastructure sectors, including peaceful nuclear energy, affirming that the two countries have great opportunities for joint work in developing strategic and rare minerals to meet global demand and achieve sustainable development, while considering environmental considerations.

He affirmed that Canada views the Kingdom as one of the fastest growing economies among G20 countries, and an important investment partner in the coming years, noting that cooperation also includes defense and military industries, with notable growth in exports and job opportunities.

He expressed his great appreciation and admiration for Saudi society, and that he personally witnessed the scale of the major transformation achieved since then, noting that the Kingdom's prominent global status is due to its being an influential player in many sectors, 'which has been reflected in its hosting and organizing major international events and occasions, including the Esports World Cup, along with film festivals and hosting Formula 1 races.' He affirmed that the Kingdom is one of the fastest growing countries in these fields.

Investment Opportunities

For his part, Minister of Investment Fahad Al-Saif affirmed that Saudi Arabia is entering a new phase of economic partnership with Canada, based on an economy undergoing rapid transformation led by Vision 2030, and qualitative investment opportunities ranging from mining and artificial intelligence to financial services, infrastructure, and logistics services.

Al-Saif said during his speech at the Saudi-Canadian Investment Forum in the presence of Carney, that the Kingdom is no longer just an attractive market for investments, but has become a long-term economic partner providing a stable investment environment and sustainable growth incentives, noting that investment has become the main driver of economic growth, at a time when non-oil activities represent more than half of the GDP.

He explained that the Saudi economy has achieved a remarkable transformation in recent years, with GDP rising by about 85 percent since 2017 to exceed $1.3 trillion, while the International Monetary Fund raised its forecast for Saudi economic growth to 5.5 percent in 2027, reflecting the strength of the national economy and its ability to continue growing despite global challenges.

Part of the activities of the Saudi-Canadian Investment Forum in Jeddah (Asharq Al-Awsat)

Canadian Companies

The Minister of Investment noted that Saudi-Canadian relations are witnessing increasing momentum, pointing out that 625 Canadian companies are currently operating in the Saudi market, including 13 regional headquarters, while the number of investment licenses granted to Canadian companies doubled last year to nearly 250 licenses, reflecting the growing confidence of Canadian investors in the Saudi market.

He added that since 2017, the Kingdom has succeeded in increasing foreign direct investment inflows by about fivefold, while the foreign investment stock rose to about $293 billion, and total fixed capital formation reached over $370 billion, at a time when non-oil and non-government investment represents about 77 percent of total investments.

Al-Saif affirmed that the Kingdom is working to build integrated economic systems including mining, critical minerals, artificial intelligence, financial markets, and venture capital, sectors in which Canadian companies have advanced expertise that can integrate with the investment opportunities provided by the Kingdom, creating long-term strategic partnerships.

Part of the activities of the Saudi-Canadian Investment Forum in Jeddah (Asharq Al-Awsat)

Saudi-Canadian Coordination Council