Saudi Energy Minister Prince Abdulaziz bin Salman discussed with Canadian Prime Minister Mark Carney in Jeddah today the prospects for cooperation in the energy sector.

The meeting covered joint investment opportunities, bilateral relations, and topics of mutual interest.

Carney had begun an official visit to Saudi Arabia yesterday, his first since assuming the premiership in 2025, following his participation in the NATO summit in the Turkish capital Ankara.

The Saudi and Canadian sides signed deals worth $1 billion (approximately 3.75 billion riyals) today during the Saudi-Canadian Investment Forum, which began in Jeddah.

Read also: 66 billion riyals volume of trade exchange between Saudi Arabia and Canada over 5 years

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Canada 2

Saudi Foreign Minister Prince Faisal bin Farhan had received Canadian Foreign Minister Anita Anand, where they discussed ways to enhance joint cooperation to support mutual interests and open broader horizons for partnership between Saudi Arabia and Canada.

The two sides discussed developments in the region, expressing their condemnation and denunciation of Iranian violations targeting tankers in the Strait of Hormuz, and the attacks that affected a number of countries in the region, stressing the need to de-escalate and return to the negotiating path.

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Canadian Foreign Minister

Navigation in the Strait of Hormuz came to an almost complete halt on Thursday, after the United States launched airstrikes on Iran for the second consecutive day, amid indications of increasing fragility of the truce between the two sides.

Ship tracking data showed that observed movements in the world's most important energy waterway were largely concentrated via an Iranian-approved route near the north of the strait, while the US-backed Omani corridor remained quiet.

Among large vessels, only a supertanker under US sanctions heading out of the Arabian Gulf was spotted in the strait, along with a container ship flying the Iranian flag. However, the possibility of some ships crossing with transponders turned off remains.

This slowdown in ship traffic follows a series of Iranian attacks on ships, which prompted the United States to carry out airstrikes, coinciding with President Donald Trump's announcement of the end of the ceasefire with Iran. About 14 cargo ships crossed the strait in both directions on Wednesday, the lowest level since the interim peace agreement in mid-June.

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef also met Carney, where the two sides discussed opportunities to enhance industrial and mining cooperation, expand investment partnerships between the two countries, in addition to discussing ways to develop cooperation in advanced industries.

The meeting addressed the qualitative investments of Canadian companies in mining exploration projects in the Kingdom and their prominent presence in the Saudi mining sector.

The two sides expressed their aspiration to expand the horizons of strategic partnership in the mining and minerals sector, supporting their economic development goals.

Saudi Vision 2030 and the National Industrial Strategy have created a long-term platform for industrial investment, as the Kingdom aims to reach 35,000 factories by 2035 and industrial investments of nearly two trillion riyals.

Saudi Arabia is achieving strong growth and has advanced infrastructure and capital, making it a platform for access to regional and global markets, while Canadian companies and institutions have global capabilities in sectors including mining and critical minerals, engineering, financial services, advanced manufacturing, artificial intelligence, and skills development.

Cooperation in the critical minerals sector in particular represents a strong opportunity for both sides, as the volume of mineral wealth in Saudi Arabia is estimated at about $2.5 trillion over an area exceeding 2.1 million square kilometers.

Saudi Arabia and Canada: Growing Trade Exchange

The volume of trade exchange between Saudi Arabia and Canada reached about 11 billion riyals during 2025, while total trade between the two countries amounted to about 66.3 billion riyals over the last 5 years (2021–2025), reflecting the continuity of trade relations between the two countries and the diversity of goods flows.

According to the Financial Analysis Unit of Al-Eqtisadiah, based on data from the General Authority for Statistics, the value of Saudi national exports to Canada reached 6.3 billion riyals during 2025, an increase of 0.6% year-on-year.

Added to this is 126 million riyals in re-exports, while imports from Canada reached 4.5 billion riyals, recording annual growth of 0.5%.

625 Canadian companies operate in the Saudi market, including 13 regional headquarters, according to Investment Minister Fahad Al-Saif, who noted that last year alone saw the issuance of approximately 250 investment licenses for Canadian companies, double the number issued the previous year.