en.Wedoany.com Reported - Canadian Prime Minister Mark Carney made his first visit to Saudi Arabia in 26 years, signing commercial agreements worth over C$1.4 billion (approximately US$704 million) focused on deepening cooperation in the mining and energy sectors. Carney met with Saudi Crown Prince Mohammed bin Salman in Jeddah, and the two governments agreed to enhance collaboration in mining, critical minerals, energy, artificial intelligence, defense, healthcare, and education.
The package includes 13 commercial agreements and memoranda of understanding covering mining, critical minerals, infrastructure, and clean energy projects, with plans to expand cooperation in liquefied natural gas, hydrogen, renewable energy, and carbon capture. Both sides committed to negotiating a foreign investment protection agreement by the end of 2027 and initiating consultations on a double taxation avoidance treaty. Carney also met with Saudi Aramco CEO Amin Nasser to discuss strengthening energy cooperation.
This collaboration marks a significant step following the full restoration of diplomatic relations between Canada and Saudi Arabia in 2023. For Canada, the partnership helps reduce reliance on the U.S. market, which has imposed tariffs on key Canadian exports. For Saudi Arabia, these investments align with its Vision 2030 economic diversification strategy. Saudi Arabia's economy is approximately US$1.8 trillion, with a sovereign wealth fund exceeding US$1 trillion.
On the commercial front, 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 announced plans to lead a delegation of Canadian pension funds to Saudi Arabia to seek investment opportunities and confirmed Canada's participation in Expo 2030 Riyadh. He also stated that Canada would establish a permanent defense attaché in the Saudi capital to strengthen military and commercial ties. Carney noted that both Canada and Saudi Arabia are embarking on ambitious new missions of economic transformation, leveraging their respective strengths in minerals and mining, technology, energy, and business.
