Saudi Arabia, Canada Launch Investment Pact Talks, Deepen Mining Partnership

Saudi Arabia and Canada are deepening their strategic partnership with new agreements and ongoing negotiations. The two countries aim to finalize a bilateral investment promotion and protection agreement by early 2027, following discussions during Canadian Prime Minister Mark Carney's visit to the Kingdom.

A joint statement announced the establishment of the Saudi-Canadian Coordination Council, which will be co-chaired by the foreign ministers of both nations. This council will guide cooperation in political, defense, security, economic, trade, investment, cultural, educational, scientific, and consular affairs. A Joint Action Document will serve as its roadmap.

Bilateral trade has surpassed $20 billion since 2020. Both sides expressed a desire to boost two-way investment and increase non-oil trade, with a focus on supporting small and medium-sized enterprises. The Saudi-Canadian Investment Forum saw several commercial and investment agreements announced in sectors like mining, infrastructure, advanced industries, and information technology.

Cooperation is set to expand in mining and critical minerals, building on a previous memorandum of understanding. Canadian companies already hold the largest share of exploration licenses in Saudi Arabia. The nations also pledged to enhance collaboration in defense, cybersecurity, counterterrorism, and healthcare, including biotechnology and digital health.

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Saudi Arabia welcomed the strong interest shown by Canadian investors in exploring opportunities in the Kingdom, while Canada invited Saudi investors to participate in its first Investment Summit, scheduled to be held in Toronto in September 2026.