Saudi Arabia, Canada Launch Strategic Partnership, Advance Investment and Trade Cooperation
Jeddah, The Gulf Observer: Saudi Arabia and Canada have agreed to deepen bilateral relations by launching negotiations on a double taxation avoidance agreement and advancing efforts to finalize a bilateral investment promotion and protection agreement by early 2027, according to a joint statement issued at the conclusion of Canadian Prime Minister Mark Carney’s official visit to the Kingdom.
The announcement followed high-level talks between Saudi Crown Prince and Prime Minister Mohammed bin Salman and Prime Minister Carney during the Canadian leader’s visit from July 8 to 10.
The two leaders reaffirmed their commitment to building a long-term strategic partnership and announced the establishment of the Saudi-Canadian Coordination Council, to be co-chaired by the foreign ministers of both countries. The council will oversee cooperation in political, defense, security, economic, trade, investment, cultural, educational, scientific, and consular affairs.
To guide the expanded partnership, the two sides also launched a Joint Action Document outlining priorities for collaboration across key strategic sectors.
Saudi Arabia and Canada agreed to strengthen cooperation between their financial institutions to facilitate the financing of major strategic projects. Riyadh welcomed growing interest from Canadian investors in the Kingdom, while Canada invited Saudi investors to participate in its inaugural Investment Summit, scheduled to take place in Toronto in September 2026.
The leaders noted that bilateral trade has surpassed $20 billion since 2020 and pledged to promote greater two-way investment, expand non-oil trade, and enhance support for small and medium-sized enterprises.
They also welcomed the outcomes of the Saudi-Canadian Investment Forum, where several commercial and investment agreements were announced in sectors including mining, engineering, infrastructure, advanced industries, education, financial services, and information and communications technology.
The two countries further welcomed the signing of memorandums of understanding covering energy cooperation, artificial intelligence investment, and skills development. Both sides identified significant opportunities for collaboration in liquefied natural gas, renewable energy, hydrogen, carbon management, cybersecurity, innovation, and resilient supply chains.
The joint statement emphasized plans to expand cooperation in mining and critical minerals, building on a memorandum of understanding signed in January 2026. It noted that Canadian companies currently hold the largest share of mineral exploration licenses issued by Saudi Arabia’s Ministry of Industry and Mineral Resources.
Saudi Arabia and Canada also agreed to strengthen cooperation in defense, cybersecurity, counterterrorism, and combating transnational organized crime, while broadening collaboration in healthcare, biotechnology, digital health, pharmaceuticals, medical technologies, scientific research, and workforce development.
The leaders highlighted the expansion of the bilateral air transport agreement signed in November 2025, allowing up to 14 weekly passenger flights for each country and unlimited weekly cargo services, while committing to further enhance air connectivity.
On regional and international issues, the two countries condemned the Iranian attacks on commercial vessels in the Strait of Hormuz on July 7, describing them as a serious violation of international law, freedom of navigation, and United Nations Security Council Resolution 2817. They called for the restoration of safe and unrestricted navigation through the strategic waterway and welcomed mediation efforts by Pakistan and Qatar aimed at promoting regional stability.
Regarding Palestine, Saudi Arabia and Canada called for the safe, rapid, and unhindered delivery of humanitarian assistance, the protection of civilians, and renewed efforts toward achieving lasting peace. They reaffirmed their support for the two-state solution, while Saudi Arabia welcomed Canada’s recognition of the State of Palestine.
The two sides also reiterated support for a political solution in Yemen, backed the Presidential Leadership Council, emphasized the importance of safeguarding security in the Red Sea, and called for intensified international efforts to end the conflict in Sudan while preserving the country’s sovereignty, unity, and national institutions.
Canada reaffirmed its support for Saudi Arabia’s bid to host the 2030 G20 Summit. Prime Minister Carney also congratulated the Kingdom on Riyadh’s successful bid to host Expo 2030 and confirmed Canada’s participation in the global event, while expressing interest in expanding cooperation ahead of Saudi Arabia’s hosting of the 2034 FIFA World Cup.
