Fahad Al-Saif

Sunday, July 12, 2026

Al-Jazeera - Economy:

His Excellency Minister of Investment Mr. Fahad Al-Saif affirmed that Saudi-Canadian relations are witnessing a new phase of economic and investment partnership, supported by a shared vision to enhance growth, innovation, and create distinguished investment opportunities between the two countries.

Arabs and the peoples of the Middle East

He explained during his speech at the Saudi-Canadian Investment Forum in Jeddah, in the presence of Canadian Prime Minister Mark Carney, that the Kingdom, under the leadership of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister - may God protect them - has become one of the fastest-growing G20 economies, as GDP has risen by more than 85% since 2017 from about $720 billion to over $1.3 trillion last year, and this growth continues its momentum; the International Monetary Fund recently raised its forecast for Saudi economic growth in 2027 to 5.5%, in a new confirmation of the strength, resilience, and sustained long-term prospects of the Saudi economy, while non-oil activities now account for more than half of GDP.

His Excellency also stated that the Kingdom 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, noting that this visit represents an important step towards translating this ambition into tangible partnerships and projects.

He affirmed that Saudi-Canadian relations are fundamentally based on strong human ties, accompanied over the past decades by growing economic and trade relations, as Canadian companies have been part of the investment story in the Kingdom since 1979. Today, 625 Canadian companies operate in the Saudi market, including 13 regional headquarters, and last year we issued nearly 250 investment licenses to Canadian companies, double the number issued the previous year. He pointed out that these figures reflect what has been achieved so far, and also reflect the scale of opportunities still ahead. Canada is an important investment partner, while the Kingdom continues to provide distinguished long-term investment opportunities across various sectors.

He also explained that since 2017, foreign direct investment flows into the Kingdom have increased by about fivefold, the FDI stock has doubled to reach about $293 billion, and gross fixed capital formation has doubled to exceed $370 billion last year. Non-oil and non-government investment now accounts for about 77% of total investment.

The Minister of Investment said: "The Kingdom is working on building integrated national ecosystems that turn these opportunities into promising investment sectors, including an advanced mining and critical minerals system, an integrated artificial intelligence system, a more competitive financial sector encompassing capital markets, insurance, private equity, and venture capital. These are all areas where Canadian expertise integrates with Saudi opportunities, creating added value for both sides and establishing 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."

He added: "Major global events, foremost among them Expo 2030 and the 2034 World Cup, along with projects to expand transport and logistics networks, open wide horizons for Canadian companies in the fields of design, engineering, and project management."

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