Saudi Arabia, Canada launch investment pact talks, deepen mining partnership
JEDDAH — Saudi Arabia and Canada have agreed to begin negotiations on a double taxation avoidance agreement and welcomed progress toward concluding a bilateral investment promotion and protection agreement by early 2027, according to a joint statement issued at the conclusion of Canadian Prime Minis
JEDDAH — Saudi Arabia and Canada have agreed to begin negotiations on a double taxation avoidance agreement and welcomed progress toward concluding 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 two sides also agreed to strengthen cooperation between their financial institutions to support the financing of major strategic projects. 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.The joint statement was issued following talks between Crown Prince and Prime Minister Mohammed bin Salman and Prime Minister Carney during the Canadian leader's official 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, co-chaired by the two countries' foreign ministers, to advance cooperation in political, defense, security, economic, trade, investment, cultural, educational, scientific and consular affairs.They also launched a Joint Action Document that will serve as the council's roadmap for expanding cooperation in strategic sectors.The two sides noted that bilateral trade has exceeded $20 billion since 2020 and agreed to encourage greater two-way investment, increase non-oil trade and support small and medium-sized enterprises.The leaders welcomed the Saudi-Canadian Investment Forum, where several commercial and investment agreements were announced in mining, engineering, infrastructure, advanced industries, education, training, financial services and information and communications technology.They also welcomed the signing of memorandums of understanding on energy cooperation and investment in artificial intelligence and skills development, while highlighting opportunities for collaboration in liquefied natural gas, renewable energy, hydrogen, carbon management, cybersecurity, innovation and resilient supply chains.The statement underscored plans to expand cooperation in mining and critical minerals, building on a memorandum of understanding signed in January 2026. It noted that Canadian companies hold the largest share of exploration licenses issued by Saudi Arabia's Ministry of Industry and Mineral Resources.The two countries also pledged to deepen cooperation in defense, cybersecurity, counterterrorism and combating transnational organized crime, while expanding collaboration in healthcare, biotechnology, digital health, pharmaceuticals, medical technologies, research and workforce development.The leaders highlighted the expansion of the bilateral air transport agreement signed in November 2025, which allows up to 14 weekly passenger flights for each country and unlimited weekly cargo services, while agreeing to further expand air connectivity.On international affairs, Saudi Arabia and Canada 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 UN Security Council Resolution 2817.The two sides stressed the need to restore safe and unrestricted navigation through the Strait of Hormuz in accordance with international law and praised mediation efforts by Pakistan and Qatar aimed at supporting regional stability.On Palestine, the two countries 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, stressed the importance of maintaining 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 G20 Summit in 2030, while Prime Minister Carney congratulated the Kingdom on Riyadh's successful bid to host Expo 2030 and confirmed Canada's participation in the global event. He also highlighted opportunities for cooperation ahead of Saudi Arabia's hosting of the 2034 FIFA World Cup.