Carney seeks deeper Saudi mining, energy partnership

Prime Minister Carney meets with UAE’s Minister of Industry and Advanced Technology, Sultan bin Ahmed Al Jaber. (Image courtesy of Prime Minister of Canada X account.)

Canadian Prime Minister Mark Carney said Saudi Arabia could help drive growth in Canada’s mining and energy sectors as the two countries signed more than more than C$1 billion ($710 million) in commercial agreements aimed at expanding trade and investment.

Carney, the first Canadian prime minister to visit Saudi Arabia in 26 years, met Crown Prince Mohammed bin Salman in Jeddah, where the two governments agreed to deepen cooperation across mining, critical minerals, energy, artificial intelligence, defence, health care and education. The package includes 13 commercial agreements and memorandums of understanding, alongside commitments to negotiate a foreign investment protection agreement by the end of 2027 and launch talks on a double-taxation treaty.

Carney also met Saudi Aramco chief executive Amin Nasser to discuss closer energy cooperation.

“Canada and Saudi Arabia have both embarked on ambitious new missions to transform their economies,” Carney said. “We are harnessing each other’s strengths across minerals and mining, technology, energy, and commerce. Canada has what the world wants.”

Saudi expansion

The agreements mark a further thaw in relations after Canada and Saudi Arabia restored full diplomatic ties in 2023 following a five-year dispute over human rights.

For Ottawa, the partnership forms part of a broader effort to reduce dependence on the US market as tariffs on key Canadian exports threaten trade. Saudi Arabia, the Middle East’s second-largest economy with an estimated $1.8 trillion economy and a sovereign wealth fund exceeding $1 trillion, is pursuing major investments under its Vision 2030 economic diversification strategy.

Saudi’s mining minister sees no obstacles to dealmaking in Canada

The commercial agreements position Canadian companies to participate in Saudi mining, critical minerals, infrastructure and clean energy projects while expanding cooperation on LNG, hydrogen, renewable energy and carbon capture. AI company Cohere announced a strategic computing partnership with Saudi Arabia’s HUMAIN, while BlackBerry and Aramco Digital began exploring opportunities in secure communications and industrial technology.

Carney also announced plans to lead a delegation of Canadian pension funds to Saudi Arabia to pursue investment opportunities, confirmed Canada’s participation at Expo 2030 in Riyadh and said Canada will establish a resident defence attaché in the Saudi capital to strengthen military and commercial ties.