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Saudi Arabia and Canada are forging a "new phase" in their economic relationship with a strategic partnership targeting future-oriented sectors. Crown Prince Mohammed bin Salman and Canadian Prime Minister Mark Carney initiated the collaboration, which was immediately bolstered by 15 agreements and memorandums of understanding signed at the Saudi-Canadian Investment Forum.

The mining and critical minerals sector is set to be the initial focus, capitalizing on Canada's abundant resources and expertise, and Saudi Arabia's significant industrial and investment capabilities. This collaboration aims to unlock Saudi Arabia's vast untapped mineral wealth, estimated at $2.5 trillion, and strengthen global value chains.

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Canada supplies, Saudi Arabia transforms, and the world benefits.

Further cooperation is planned in energy, advanced technology, and data centers. The Saudi-Canadian Business Council chairman, Mohammed Nasser Al-Dulaim, emphasized that more agreements are forthcoming and that the implementation of existing deals will be closely monitored. Both countries are organizing trade delegation exchanges and regular business meetings through 2027.

Canadian Minister of Energy and Natural Resources Tim Hodgson highlighted the partnership as crucial for Ottawa's strategy to attract $500 billion in private investment and double non-U.S. exports over the next decade. The collaboration has already seen Canadian firm Hatch agree to a deal worth up to $700 million with Saudi mining company Maaden, and Northern Graphite partner with Obeikan Investment Group for an advanced battery anode materials processing plant.

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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.