Canada and Saudi Arabia Sign New Investment and Technology Deals Worth Over C$1 Billion

By Tahani Elghazaly
Published July 10, 2026

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Canada and Saudi Arabia have announced a new package of commercial agreements and memorandums of understanding worth more than C$1 billion, marking a significant step toward rebuilding economic ties and expanding cooperation in investment, technology, energy and critical minerals.

The agreements were unveiled during the Saudi Arabia–Canada Investment Forum in Jeddah on July 9, which brought together senior government officials, business executives and investors from both countries. The event coincided with Canadian Prime Minister Mark Carney’s visit to the Kingdom—the first by a Canadian prime minister in 26 years.

According to the Canadian prime minister’s office, the commercial agreements and memorandums of understanding signed between Canadian and Saudi companies and institutions have a combined value exceeding C$1 billion. The participating companies included major Canadian engineering firms such as Hatch and AtkinsRéalis.

The wider investment forum covered cooperation in artificial intelligence, mining, energy, infrastructure, health technology, clean technology and advanced industries. Saudi reports said the forum witnessed the signing of 15 memorandums and cooperation agreements involving government bodies, companies and institutions from the two countries.

During the forum, Carney said Canada and Saudi Arabia were well positioned to deepen their partnership in mining and energy. He highlighted Saudi Arabia as a potential source of long-term capital and a strategic partner that could help Canadian mining companies develop major projects and expand their presence in international markets.

Carney also met Saudi Aramco President and CEO Amin Nasser to discuss opportunities for stronger energy cooperation. The talks came as Canada seeks to diversify its trade and investment relationships amid continuing uncertainty over tariffs and its heavy economic dependence on the United States.

Saudi Investment Minister Fahad Al-Saif described Canada as a trusted long-term partner and said Saudi investors could provide patient capital for major Canadian projects. For Saudi Arabia, greater cooperation with Canadian businesses supports the Kingdom’s efforts to diversify its economy and attract foreign expertise under Vision 2030.

The visit reflects a broader reset in relations between Ottawa and Riyadh. Canada and Saudi Arabia restored full diplomatic relations in 2023, five years after a dispute over human rights led to the expulsion of Canada’s ambassador and the suspension of new Saudi trade and investment with Canada.

The latest agreements suggest that the relationship is moving beyond diplomatic normalization toward practical economic cooperation, particularly in sectors where both countries are seeking new markets, advanced technologies and long-term investment opportunities.