Economic ties between Saudi Arabia and Canada are entering a new phase. After a year of intensified diplomatic and investment engagement, Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, and Canadian Prime Minister Mark Carney launched a new strategic partnership focused on high-value, future-oriented sectors during official talks in Jeddah earlier this month.
The momentum was immediately reinforced by the signing of 15 agreements and memorandums of understanding at the Saudi-Canadian Investment Forum, laying the groundwork for broader cooperation that reflects both countries’ shared commitment to expanding economic ties.
The mining and critical minerals sector is expected to be the first major beneficiary. Canada offers abundant mineral resources and longstanding engineering expertise, while Saudi Arabia brings substantial industrial and investment capacity to develop its estimated $2.5 trillion in untapped mineral wealth.
The sector is expected to deliver the earliest returns from the newly signed agreements before expanding into energy, advanced technology and data centers, strengthening value chains and creating globally competitive industrial and investment opportunities.
Mohammed Nasser Al-Dulaim, chairman of the Saudi-Canadian Business Council, told Asharq Al-Awsat that more agreements will be announced “at the appropriate time” and that implementation of the signed deals would be closely monitored.
Both countries are planning an exchange of trade delegations and regular meetings between companies throughout this year and into 2027, he added.
His remarks echoed those of Canadian Minister of Energy and Natural Resources Tim Hodgson, who said deeper cooperation with Saudi Arabia - Canada’s largest trading partner in the region - is a cornerstone of Ottawa’s strategy to attract $500 billion in private investment and double non-US exports over the next decade.
Earlier this year, Canadian engineering firm Hatch signed a strategic agreement worth up to $700 million with Saudi mining company Maaden to develop its portfolio of gold, phosphate and aluminum projects.
Another partnership between Canada’s Northern Graphite and Saudi Arabia’s Obeikan Investment Group will establish an advanced battery anode materials processing plant in the Kingdom, helping secure and diversify clean energy supply chains.
Al-Dulaim said mining and critical minerals would form the backbone of the partnership, describing the model as: “Canada supplies, Saudi Arabia transforms, and the world benefits.”
He added that energy, advanced technology and data centers would follow as complementary sectors.
Following the Jeddah forum, he said, the council’s immediate priority is to turn the 15 agreements into operational projects through implementation plans, timelines and performance indicators, supported by sector-specific working groups that will coordinate with government agencies and investors in both countries.
The forum also highlighted investment opportunities in Saudi Arabia’s nearly $1.3 trillion economy, where non-oil activities account for more than 50 percent of GDP.
Gatherers identified priority sectors including financial services, mining, advanced industries, artificial intelligence, data centers, education and innovation, while discussions continue on additional projects that have yet to be announced.
