Saudi Arabia and Canada Sign $1 Billion in Deals to Boost Energy and AI Cooperation

Saudi Arabia and Canada have launched a new investment partnership phase, marked by the signing of memoranda of understanding on energy and artificial intelligence, plus the creation of a Saudi-Canadian Coordination Council to deepen trade, investment, and cooperation across strategic sectors like mining, critical minerals, and financial services. The move follows Canadian Prime Minister Mark Carney’s official visit to the Kingdom, where 13 new commercial agreements worth over $1 billion were signed in fields including critical minerals, energy, infrastructure, defense, and AI, signaling a major shift toward long-term, high-value economic collaboration. Saudi Investment Minister Fahad Al-Saif highlighted that Canada is now a key investment partner, with 625 Canadian companies operating in Saudi Arabia and nearly 250 new investment licenses issued last year—double the previous year’s number. Both nations aim to conclude a bilateral investment protection agreement by early 2027, formalizing investor confidence, while bilateral trade has already exceeded $20 billion since 2020, with growing emphasis on non-oil trade and SMEs.