Minister of Investment: Saudi Arabia and Canada share a strong ambition to build more competitive, innovative, and open economies

His Excellency Minister of Investment Eng. 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 high-quality investment opportunities between the two countries.

During his speech at the Saudi-Canadian Investment Forum in Jeddah, in the presence of Canadian Prime Minister Mark Carney, he explained that 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 — the Kingdom has become one of the fastest-growing G20 economies, with GDP rising by more than 85% since 2017, from about $720 billion to over $1.3 trillion last year. This growth continues to gain 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 long-term prospects of the Saudi economy, while non-oil activities now account for more than half of GDP.

His Excellency explained 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, noting that this visit represents an important step toward turning this ambition into concrete partnerships and projects.

He emphasized that 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. He pointed out that these figures reflect what has been achieved so far, as well as the scale of opportunities still ahead. Canada is an important investment partner, while the Kingdom continues to provide high-quality, long-term investment opportunities across various sectors.

He noted that since 2017, foreign direct investment inflows to the Kingdom have increased nearly fivefold, and the stock of foreign direct investment has doubled to reach about $293 billion. Similarly, gross fixed capital formation has doubled to more than $370 billion last year, and non-oil and non-government investment now accounts for about 77% of total investment.

The Minister of Investment said: 'The Kingdom is building integrated national ecosystems that turn these opportunities into promising investment sectors, including an advanced mining and critical minerals ecosystem, an integrated artificial intelligence ecosystem, 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 establishing long-term partnerships. Opportunities are not limited to these sectors but also 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 FIFA World Cup, along with projects to expand transport and logistics networks, open broad horizons for Canadian companies in design, engineering, and project management.'

His Excellency the Minister of Investment affirmed that this visit, at this level and scale, represents a practical translation of a new phase of cooperation between the 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.

His Excellency welcomed the start of discussions on an investment promotion and protection agreement, which represents an important step to enhance confidence and provide a stable and reliable investment environment for investors in both countries. He noted that in the coming moments, we will witness the signing of several investment agreements, reflecting the breadth of available opportunities and translating the partnerships we aspire to into practical reality.

He affirmed that Canada represents for Saudi companies an important partner with global expertise, high-quality capital, advanced technologies, and a distinguished record of reliable partnerships. He pointed out that, in return, the Saudi investor brings to Canada long-term investment, strategic capital, supported by a competitive economic framework and a clear vision aimed at building sustainable businesses that achieve real economic value, along with sustainable financial performance.