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

Minister of Investment Eng. Fahad Al-Sabah confirmed on Thursday that the Kingdom of Saudi Arabia and Canada share a strong ambition to build more competitive, innovative, and open economies, noting that Canadian companies have been part of the investment story in the Kingdom since 1979.

In his speech during the Saudi-Canadian Investment Forum held at the Ritz-Carlton Hotel in Jeddah, the Minister of Investment said: "Peace be upon you and God's mercy and blessings. I am pleased to welcome you to the Kingdom of Saudi Arabia, your second home, where we meet today in a spirit of partnership, future ambition, and a shared belief that investment is the bridge connecting economies and enhancing the prosperity of peoples. I am also pleased to welcome you to the Saudi-Canadian Investment Forum, which brings together today an elite group of decision-makers, business leaders, and investors from our two countries to explore new horizons for economic partnership and give new momentum to investment relations between the Kingdom of Saudi Arabia and Canada. Your meeting today with His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister - may God protect him - comes at an important stage in the journey of relations between our two countries, and at a time when the Kingdom is witnessing an unprecedented economic transformation led by Saudi Vision 2030."

The Minister of Investment added: "Under the leadership of His Highness the Crown Prince, the Kingdom has become one of the fastest-growing G20 economies, with GDP rising by about 85% since 2017, from about $720 billion to more than $1.3 trillion last year. This growth continues its momentum; the International Monetary Fund recently raised its forecasts for Saudi economic growth in 2027 to 5.5%, in a new confirmation of the strength, resilience, and strong medium- and long-term prospects of the Saudi economy. Non-oil activities now represent more than half of GDP, and investment has become the main driver of economic growth and diversification, and the main pillar for building a more competitive and sustainable economy. The discussions we witnessed earlier today confirmed 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. This visit represents an important step towards translating this ambition into tangible partnerships and projects. Although investment is the focus of our meeting today, Saudi-Canadian relations are fundamentally based 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. During the past year, we issued nearly 250 investment licenses to Canadian companies, double the number issued the previous year."

He continued: "These figures reflect what has been achieved so far, but they also reflect the size of the opportunities still ahead of us. Canada is an important investment partner, while the Kingdom continues to provide quality, long-term investment opportunities across various sectors... Since 2017, foreign direct investment flows to the Kingdom have increased about fivefold, and the stock of foreign direct investment has doubled to reach about $293 billion. Total fixed capital formation has also doubled to more than $370 billion last year, and non-oil and non-government investment now represents about 77% of total investment."

He added: "Mr. Prime Minister... Distinguished guests... The Kingdom is working to build integrated national systems that transform these opportunities into promising investment sectors; including an advanced system for mining and critical minerals, an integrated system for artificial intelligence, and 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 only, but also extend to education, infrastructure, aviation, and logistics services, where Canadian institutions can contribute to vocational training, applied research, and future skills development. 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."

The Minister of Investment added: "Mr. Prime Minister, Their Excellencies, Ladies and Gentlemen, this visit at this level and scale represents a practical translation of a new phase of cooperation between our two countries. The Saudi-Canadian Coordination Council, announced today, will contribute to enhancing institutional communication between the two governments and supporting the resolution of challenges that investors may face, thereby improving the business environment and facilitating investment flows. We also welcome the start of discussions on an agreement for the promotion and protection of investment, which represents an important step to enhance confidence and provide a stable and reliable investment environment for investors in both countries. In the coming moments, we will witness the signing of a number of investment agreements that reflect the breadth of available opportunities and translate the partnerships we aspire to into practical reality. For Saudi companies, Canada is an important partner with global expertise, quality capital, advanced technologies, and a proven track record of reliable partnerships. 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."

Today in Jeddah, the Saudi-Canadian Investment Forum commenced with the participation of a high-level Canadian delegation representing the public and private sectors, along with officials, business leaders, and investors from both countries, aiming to enhance investment partnership and explore cooperation opportunities in several promising economic sectors.

The forum included a roundtable meeting that brought together officials, investors, and business leaders from both sides, during which investment partnership opportunities were discussed, the enablers and incentives provided by the Kingdom were reviewed, and prospects for cooperation in priority sectors were examined.

The forum also witnessed the signing of 15 memoranda of understanding and cooperation agreements between government entities, companies, and institutions from the Kingdom of Saudi Arabia and Canada, enhancing economic relations and supporting the expansion of areas of cooperation and joint investment.

During the forum sessions, participants discussed investment opportunities in sectors including financial services, mining, advanced industries, artificial intelligence, and data centers, in addition to reviewing the enablers provided by the Kingdom to investors within the framework of the targets of Saudi Vision 2030.