JEDDAH: Saudi Arabia and Canada are deepening their economic ties through the Saudi-Canadian Investment Forum, a high-level gathering held in Jeddah alongside a visit by the Canadian prime minister to the Kingdom. The forum brings together senior officials, investors, financial institutions, and private sector leaders from both countries to strengthen investment cooperation and identify priority sectors for collaboration.
The forum is a practical milestone in a renewed bilateral partnership, designed to bring decision-makers together to spot opportunities, forge partnerships, and follow through on priority sectors.
The gathering reflects a broader shift in the relationship, one built on complementary strengths, mutual respect, and a shared ambition for long-term growth.
Priority sectors identified by both sides include mining and critical minerals, financial services, advanced manufacturing, artificial intelligence, data centers, and workforce skills — areas where Canadian expertise aligns closely with Saudi Arabia’s national priorities.
Mining and critical minerals
Mining stands out as a particularly strong area of cooperation. Canada is a global leader in mining and mining finance, while Saudi Arabia is positioning the sector as a pillar of economic diversification. The Kingdom’s mineral wealth is estimated at around $2.5 trillion across more than 2.1 million sq. km, with opportunities identified in more than 50 minerals and accelerated exploration underway across the Arabian Shield.
Canadian firms and capital are already active in the Kingdom. Barrick operates locally, and Ivanhoe Electric has partnered with Ma’aden to explore roughly 48,500 sq. km. Manara Minerals — a joint venture between the Public Investment Fund and Ma’aden — holds a 10 percent stake in Vale Base Metals, reinforcing shared Saudi-Canadian interests in copper and nickel.
Financial services
Canadian investment institutions, asset managers, insurers, and fintech firms can participate in the growth of Saudi Arabia’s capital, debt, sukuk, insurance, and venture capital markets. The Saudi stock market’s capitalization reached approximately SR9.44 trillion riyals ($2.53 trillion) as of June 2026, according to figures cited at the forum. Expanded foreign investor access has opened clearer pathways for international institutions to participate in the market’s growth.
Advanced industries and manufacturing
Vision 2030 and the National Industrial Strategy provide a long-term platform for industrial investment, giving Canadian manufacturers access to infrastructure, industrial cities, and special economic zones to expand production and exports. Saudi Arabia aims to reach 35,000 factories by 2035, with industrial investment approaching 2 trillion riyals, and to raise the manufacturing sector’s contribution to GDP to roughly 895 billion riyals by 2030. Manufacturing led Canadian investment inflows into the Kingdom in 2024, according to Ministry of Investment data, with companies such as Ingenia Polymers already established as leading Canadian investors.
AI and data centers
The Kingdom plans to reach 6.6 gigawatts of AI data center capacity by 2034. AirTrunk, partly owned by Canada’s CPP Investments, is developing a $3 billion AI data center complex with Humain, while an existing partnership with Cohere on Arabic-language AI reflects practical alignment between the two countries.
Skills and workforce development
The investment relationship also extends to workforce development. Saudi Arabia’s industrial and technological transformation requires continuous upskilling, an area where Canadian institutions hold strong international capabilities in technical and vocational education. Skills partnerships help sustain investment by linking capital deployment with local capacity-building, with Canadian training providers positioned to support growth across mining, AI, and services sectors.
The Ministry of Investment and the Invest Saudi platform will continue connecting interested investors to sectoral opportunities, government entities, private-sector partners, incentives, and practical guidance throughout the investment journey.
