Economic relations between Saudi Arabia and Canada are entering a new phase that goes beyond traditional trade towards building long-term investment partnerships, driven by converging economic interests and a shared vision based on innovation, diversification, and investment in future sectors.

In this context, the Kingdom affirmed that the economic transformation led by 'Vision 2030' and the more competitive and open business environment it has created open broad horizons for Canadian investors, while Canada represents a strategic partner with advanced expertise and technologies that can be utilized to support development goals, establishing a new phase of economic cooperation between the two countries.

Saudi Economic Growth

During the Saudi-Canadian Investment Forum, which commenced on Thursday in Jeddah, Canadian Prime Minister Mark Carney said that Saudi Arabia has become one of the most important pillars of the global economy, praising the remarkable acceleration in Saudi economic growth at all levels and technical indicators, parallel to the tremendous structural transformations the country is undergoing under 'Vision 2030'.

He stressed his country's keenness to enhance economic partnerships with Saudi Arabia, affirming that the agreements signed between Riyadh and Ottawa during the Saudi-Canadian Investment Forum reflect the joint ambitions of both countries to enhance cooperation across various sectors.

Carney affirmed that the world has become more interconnected, and that the importance of dialogue lies in building bridges of communication and strengthening partnerships based on mutual interests, noting that the meetings between the two sides represent an important platform to expand areas of cooperation in the coming phase.

Canada will become a global energy superpower by building our strength at home and forging new partnerships abroad. This morning in Jeddah, I met with his Royal Highness Prince Abdulaziz bin Salman and Saudi Aramco CEO Amin H. Nasser to identify new ways we can partner — and... pic.twitter.com/1eAvbqbrIF

He praised the leadership of Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, and 'Vision 2030', considering it a model focused on achievement and hard work, contributing to entrenching stability and enhancing development within the Kingdom and across the region.

He explained that relations between Canada and Saudi Arabia are experiencing rapid growth and represent Canada's second largest partnership with Gulf Cooperation Council countries, affirming that the private sector plays a key role in cementing this relationship and making it more sustainable.

He noted that a number of Canadian ministers will continue their visits to the Kingdom to follow up on cooperation files, including artificial intelligence, investment, and the financial sector, reflecting the two countries' commitment to expanding partnership horizons and attracting more investments.

He pointed out that the mining sector is among the most prominent areas of future cooperation, noting the significant development the Kingdom has achieved in this sector in recent years, and the opportunities it provides for integrating Canadian expertise with Saudi investments, developing human capabilities, enhancing scientific research, and creating new job opportunities.

Group photo of participants in the Saudi-Canadian Investment Forum (Asharq Al-Awsat)

He noted that cooperation between Saudi Arabia and Canada extends to the energy, infrastructure, and peaceful nuclear energy sectors, affirming that the two countries have great opportunities for joint work in developing strategic and rare minerals to meet global demand and achieve sustainable development while taking environmental considerations into account.

He affirmed that Canada views the Kingdom as one of the fastest growing economies among G20 countries and an important investment partner in the coming years, noting that cooperation also includes defense and military industries, with notable growth in exports and job opportunities.

He expressed his deep appreciation and admiration for Saudi society, stating that he has witnessed firsthand the magnitude of transformation achieved since that time, noting that the Kingdom's prominent global standing stems from it being an influential player in many sectors, 'reflected in its hosting and organization of major international events and activities, including the Esports World Cup, film festivals, and Formula 1 races.' He affirmed that the Kingdom is one of the fastest growing countries in these fields.

Investment Opportunities

For his part, Minister of Investment Fahad Al-Saif affirmed that Saudi Arabia is entering a new phase of economic partnership with Canada, based on an economy undergoing rapid transformation led by 'Vision 2030' and qualitative investment opportunities ranging from mining and artificial intelligence to financial services, infrastructure, and logistics.

Al-Saif said during his speech at the Saudi-Canadian Investment Forum in the presence of Carney that the Kingdom is no longer just an attractive market for investments, but has become a long-term economic partner providing a stable investment environment and sustainable growth catalysts, noting that investment has become the main driver of economic growth, with non-oil activities accounting for more than half of GDP.

He explained that the Saudi economy has achieved a remarkable transformation in recent years, with GDP rising by about 85 percent since 2017 to exceed $1.3 trillion, while the International Monetary Fund raised its growth forecast for the Saudi economy to 5.5 percent in 2027, reflecting the strength of the national economy and its ability to continue growing despite global challenges.

Part of the activities of the Saudi-Canadian Investment Forum in Jeddah (Asharq Al-Awsat)

Canadian Companies

The Minister of Investment noted that Saudi-Canadian relations are witnessing increasing momentum, pointing out that 625 Canadian companies are currently operating in the Saudi market, including 13 regional headquarters, while the number of investment licenses granted to Canadian companies doubled last year to approach 250 licenses, reflecting the growing confidence of Canadian investors in the Saudi market.

He added that the Kingdom has succeeded since 2017 in multiplying foreign direct investment inflows by about five times, while the foreign investment stock rose to about $293 billion, and total gross fixed capital formation reached more than $370 billion, at a time when non-oil and non-government investment represents about 77 percent of total investments.

Al-Saif affirmed that the Kingdom is working to build integrated economic systems including mining, critical minerals, artificial intelligence, financial markets, and venture capital – sectors in which Canadian companies have advanced expertise that can integrate with the investment opportunities provided by the Kingdom, creating long-term strategic partnerships.

Part of the activities of the Saudi-Canadian Investment Forum in Jeddah (Asharq Al-Awsat)

Saudi-Canadian Coordination Council