His Excellency Mr. Fahad Al-Sief, Minister of Investment, called for strengthening investment partnerships between the Kingdom of Saudi Arabia and Canada, emphasizing that investment is the fundamental bridge connecting economies and achieving shared prosperity.

This came during his speech at the opening of the Saudi-Canadian Investment Forum, held on Thursday, July 9, 2026, at the Ritz-Carlton Hotel in Jeddah, in the presence of Canadian Prime Minister Mark Carney.

Al-Sief said, “I am pleased to welcome you to the Kingdom of Saudi Arabia, your second home, where we meet in a spirit of partnership and ambition for the future,” noting that the forum brings together an elite group of decision-makers, business leaders, and investors from both countries to explore new opportunities and boost momentum in bilateral investment relations.

The roundtable of the Saudi-Canadian Forum kicks off in Jeddah pic.twitter.com/COwLLYY2KF

— Al-Ekhbariya Channel (@alekhbariyatv) July 9, 2026

The Minister noted that the visit comes at an important stage in the bilateral relations, coinciding with the unprecedented economic transformation the Kingdom is undergoing under the leadership of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, in line with Saudi Vision 2030.

Strong Growth Indicators and Numbers

His Excellency reviewed the key indicators of the Saudi economy, noting that the GDP has risen by about 85% since 2017, reaching over $1.3 trillion last year.

Opening remarks of the roundtable at the Saudi-Canadian Forum in Jeddah

Via Al-Ekhbariya correspondent Abdullah Al-Kharji pic.twitter.com/iAu2HnDfr5

— Al-Ekhbariya – Economy (@alekhbariyaECO) July 9, 2026

The International Monetary Fund also raised its forecast for Saudi economic growth in 2027 to 5.5%. He emphasized that non-oil activities now constitute more than half of the GDP, while investment has become the main driver of growth and economic diversification.

Evolution of Canadian Investments

Al-Sief noted that Canadian companies have been present in the Saudi market since 1979, currently numbering 625 companies, including 13 regional headquarters.

He revealed that about 250 investment licenses were issued to Canadian companies in the past year, double the number issued in the previous year.

He pointed out that foreign direct investment inflows to the Kingdom have increased about fivefold since 2017, with the balance reaching about $293 billion, while total fixed capital formation exceeded $370 billion last year.

Promising Investment Opportunities

His Excellency identified several strategic sectors where Canadian expertise complements Saudi opportunities, most notably: mining and critical minerals, artificial intelligence, the financial sector, education, infrastructure, aviation, and logistics services. He also pointed to the major opportunities linked to the Kingdom hosting Expo 2030 and the 2034 World Cup.

Canadian Prime Minister: The Kingdom is one of the most attractive countries for Canadian investments #Canadian_Prime_Minister_in_Saudi_Arabia pic.twitter.com/LTB4LdT8HM

— Al-Ekhbariya Channel (@alekhbariyatv) July 9, 2026

Steps to Enhance Cooperation

He announced the start of discussions on an agreement to encourage and protect investment between the two countries, and affirmed that the Saudi-Canadian Coordination Council, announced today, will enhance institutional communication and facilitate the work of investors, noting that the forum will witness the signing of several important investment agreements.

In conclusion, the Minister of Investment invited Canadian Prime Minister Mark Carney to deliver his speech to the attendees.