Anticipation of joint projects in LNG, electricity, renewables, and hydrogen

Kingdom and Canada Enter a Renewed Era of Strategic Investment Alliances

Saudi Arabia and Canada, amidst historical relations spanning more than five decades, are entering a renewed era of more competitive, innovative, and open economic partnerships and strong joint strategic investment alliances in the most important sectors of industry, energy, technology, infrastructure, and other priority sectors, supported by a shared vision to enhance growth and innovation and to identify new opportunities and build partnerships, within the framework of Saudi Vision 2030, which provides a wide scope for growth, reform momentum, advanced infrastructure, capital, and a platform for access to regional and global markets.

In turn, Canadian companies and institutions possess global capabilities in mining and critical minerals, engineering, financial services, advanced manufacturing, artificial intelligence, and skills development. Through this integration, the two countries are working to transform the renewed bilateral momentum into partnerships, projects, and value chains that support industrial growth, innovation, economic diversification, and shared prosperity.

This was exemplified in the meeting of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, with the Prime Minister of Canada, Mark Carney, during his official visit to the Kingdom from July 8-10, 2026, which included the signing of agreements to fully leverage the potential offered by bilateral economic relations, develop cooperation between Saudi and Canadian companies, note the volume of bilateral trade, which has exceeded (20) billion US dollars since 2020, and agree to encourage mutual investments, increase non-oil trade volume, and support small and medium enterprises.

In summary of the most important agreements, they covered avoidance of double taxation, opportunities for cooperation in traditional and clean energy fields, including LNG projects in Canada, electricity, renewable energy and hydrogen, carbon management technologies, innovation, cybersecurity, artificial intelligence, resilient supply chains, and workforce development.

And expanding horizons of cooperation in mining and mineral resources, including exploration, financing, processing technologies, and noting that Canadian companies have obtained the largest share of exploration licenses issued by the Ministry of Industry and Mineral Resources in the Kingdom.

In addition to investment in artificial intelligence and skills development, with the aim of enhancing cooperation in key areas of common interest, including co-investment opportunities in specific sectors, encouraging business linkages through trade missions, enhancing technical cooperation and supporting skills development and advanced training in artificial intelligence. As well as exploring future opportunities to expand cooperation in public health, biotechnology, digital health, pharmaceutical industries, medical technologies, and exchange of expertise, training programs, and research.

Saudi-Canadian relations enter a new phase of economic cooperation, supported by the great potential of both countries, in enhancing the volume of trade and mutual investment, expanding the presence of Saudi companies in the Canadian market, and encouraging Canadian companies to make the Kingdom a main hub for their business and investments in the region.

The discussions of the Saudi-Canadian Investment Forum, held last Thursday in Jeddah with the presence of high-level officials, investors, financial institutions, and private sector leaders from both countries, resulted in a number of commercial and investment agreements between relevant entities in the two countries in the fields of mining, engineering, infrastructure, advanced industries, training, education, financial services, and information and communications technology, reflecting the economic momentum between the two countries and the promising opportunities in various sectors.

The mining sector stood out, as cooperation in critical minerals represents a strong opportunity for both sides. Canada is a global leader in mining and mining finance, while the Kingdom is working to establish mining as a main pillar for economic diversification. This opens opportunities in exploration, services, processing, transformative value chains, and cooperation in critical minerals. The Kingdom's mineral wealth is estimated at about 2.5 trillion dollars across an area exceeding 2.1 million square kilometers. The Kingdom has identified opportunities in more than 50 minerals and is accelerating exploration within the Arabian Shield. Canadian companies and capital are already operating in the Kingdom, including Barrick and the collaboration of Ivanhoe Electric with Ma'aden to explore approximately 48,500 km².

Manara Minerals, the joint venture between the Public Investment Fund and Ma'aden, owns a 10% stake in Vale Base Metals, which enhances joint Saudi-Canadian interests in copper and nickel. Mining represents the strongest Saudi-Canadian proof point, as it combines Canadian expertise, Saudi mineral potential, and a reliable global story linked to critical minerals and supply chains.

In financial services, the Kingdom gives Canadian capital a deeper path towards a vital regional financial ecosystem, and Canadian investment institutions, asset managers, insurance companies, fintech firms, and financial service providers can participate in the growth of capital markets, debt, sukuk, insurance, and venture capital in the Kingdom.

Meanwhile, the market capitalization of the Saudi financial market reached about 9.44 trillion riyals, or about 2.53 trillion dollars, as of June 2026 according to the approved figures for the forum. Foreign investor access has expanded, providing a clearer path for international institutions to participate in the growth of the Saudi market. The Kingdom represents one of the deepest regional platforms in debt instruments, sukuk, venture capital, insurance, and asset management.

In advanced industries and manufacturing, the Kingdom has provided Canadian manufacturers a base to build and meet local demand and export across three continents. Saudi Vision 2030 and the National Industrial Strategy create a long-term platform for industrial investment, enabling Canadian companies to benefit from infrastructure, industrial cities, special economic zones, and access to regional markets to expand production and exports.

The Kingdom aims to reach 35,000 factories by 2035, and industrial investments approaching two trillion riyals. The Kingdom also aims to raise the industrial sector's contribution to GDP to about 895 billion riyals by 2030. The manufacturing sector led Canadian investment flows into the Kingdom in 2024 according to the Ministry of Investment data. Canadian manufacturing companies are already operating in the Kingdom, including Engenia Polymers as one of the most prominent Canadian investors in the Kingdom.