Saudi Arabia, Canada advance investment pact and deepen mining partnership

Saudi Arabia and Canada have agreed to begin negotiations on a double taxation avoidance agreement, as both countries move to rebuild and deepen economic ties following Canadian Prime Minister Mark Carney’s official visit to the Kingdom.

The agreement was announced in a joint statement issued after talks between Crown Prince and Prime Minister Mohammed bin Salman and Mr Carney, who visited Saudi Arabia from July 8 to 10.

Both sides also welcomed progress towards completing a bilateral investment promotion and protection agreement by early 2027.

The two countries agreed to strengthen cooperation between their financial institutions to support the financing of major strategic projects. Saudi Arabia welcomed growing interest from Canadian investors in the Kingdom, while Canada invited Saudi investors to take part in its first Investment Summit, to be held in Toronto in September 2026.

A key outcome of the visit was the establishment of the Saudi-Canadian Coordination Council, which will be co-chaired by the two countries’ foreign ministers. The council will cover political, defence, security, economic, trade, investment, cultural, educational, scientific and consular affairs.

The leaders also launched a Joint Action Document that will guide cooperation in strategic sectors.

The statement said bilateral trade between Saudi Arabia and Canada has exceeded $20 billion since 2020. Both sides agreed to encourage more two-way investment, expand non-oil trade and support small and medium-sized enterprises.

The Saudi-Canadian Investment Forum also featured commercial and investment agreements in mining, engineering, infrastructure, advanced industries, education, training, financial services and information and communications technology.

The two countries welcomed memorandums of understanding on energy cooperation and investment in artificial intelligence and skills development. They also highlighted opportunities in liquefied natural gas, renewable energy, hydrogen, carbon management, cybersecurity, innovation and resilient supply chains.

Mining and critical minerals were identified as major areas of cooperation, building on an MoU signed in January 2026. The statement noted that Canadian companies hold the largest share of exploration licences issued by Saudi Arabia’s Ministry of Industry and Mineral Resources.

Saudi Arabia and Canada also agreed to deepen cooperation in defence, cybersecurity, counterterrorism and combating transnational organised crime.

The statement covered plans to expand collaboration in healthcare, biotechnology, digital health, pharmaceuticals, medical technologies, research and workforce development.

On aviation, both sides highlighted the expansion of a bilateral air transport agreement signed in November 2025, which allows up to 14 weekly passenger flights for each country and unlimited weekly cargo services. They also agreed to work on further improving air connectivity.

The two countries condemned the July 7 attacks on commercial vessels in the Strait of Hormuz, describing them as a serious violation of international law, freedom of navigation and UN Security Council Resolution 2817.

They called for safe and unrestricted navigation through the Strait of Hormuz and praised mediation efforts by Pakistan and Qatar in support of regional stability.

On Palestine, Saudi Arabia and Canada called for safe, rapid and unhindered humanitarian aid delivery, protection for civilians and renewed efforts towards lasting peace. They also expressed support for the two-state solution, while Saudi Arabia welcomed Canada’s recognition of the State of Palestine.

The statement also covered Yemen, Sudan and Red Sea security. Both sides backed a political solution in Yemen and supported the Presidential Leadership Council. They called for security in the Red Sea and stronger international efforts to end the conflict in Sudan while preserving the country’s sovereignty, unity and national institutions.

Canada reaffirmed support for Saudi Arabia’s bid to host the G20 Summit in 2030. Mr Carney also congratulated the Kingdom on Riyadh’s successful Expo 2030 bid, confirmed Canada’s participation in the event and pointed to cooperation opportunities ahead of Saudi Arabia’s hosting of the 2034 FIFA World Cup.