The economic relations between Saudi Arabia and Canada are entering a new phase that goes beyond traditional trade to 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 under Vision 2030, and the more competitive and open business environment it has created, opens broad horizons for Canadian investors, while Canada represents a strategic partner with advanced expertise and technologies that can be employed to support development goals, laying the foundation for a new phase of economic cooperation between the two countries.

Saudi Economic Growth

During the Saudi-Canadian Investment Forum, which kicked off 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 and significant acceleration in Saudi economic growth at all levels and technical indicators, coinciding with the massive structural transformations the country is undergoing under Vision 2030.

He stressed his country's keenness to strengthen economic partnerships with Saudi Arabia, affirming that the agreements signed between Riyadh and Ottawa during the Saudi-Canadian Investment Forum reflect the shared ambitions of the two countries to enhance cooperation in 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 common interests, noting that the meetings between the two sides represent an important platform to expand areas of cooperation in the next 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

— Mark Carney (@MarkJCarney) July 9, 2026

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 work that contributes to consolidating stability and promoting development within the Kingdom and the region.

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

He indicated 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 commitment of both countries to expand the horizons of partnership and attract more investments.

He stated that the mining sector is one of 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 capital, enhancing scientific research, and creating new job opportunities.

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

He pointed out that cooperation between Saudi Arabia and Canada extends to energy and infrastructure sectors, including peaceful nuclear energy, 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 considering environmental considerations.

He affirmed that Canada views the Kingdom as one of the fastest-growing economies among the G20 countries, and as 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 great appreciation and admiration for Saudi society, noting that he personally witnessed the magnitude of the transformation achieved since then, pointing out that the Kingdom's prominent global standing is due to it being an influential player in many sectors, 'which is reflected in its hosting and organizing major international events and occasions, including the Esports World Cup, film festivals, and hosting Formula 1 races,' affirming that the Kingdom is one of the fastest-growing countries in these fields.

Investment Opportunities

For his part, Minister of Investment Fahd 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 services.

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 incentives, noting that investment has become the main driver of economic growth, while non-oil activities now account for more than half of GDP.

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

Scene from the Saudi-Canadian Investment Forum in Jeddah (Asharq Al-Awsat)

Canadian Companies

The Minister of Investment pointed out that Saudi-Canadian relations are witnessing growing momentum, noting 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 about fivefold, while the foreign investment balance rose to about $293 billion, and total fixed capital formation reached more than $370 billion, at a time when non-oil and non-government investment now accounts for about 77 percent of total investments.

Al-Saif affirmed that the Kingdom is working on building 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.

Scene from the Saudi-Canadian Investment Forum in Jeddah (Asharq Al-Awsat)

Saudi-Canadian Coordination Council