Canada, Saudi Arabia Deepen Economic Partnership with More Than $1 Billion in New Agreements
Canada Saudi Arabia Partnership Expands Trade, AI and Energy Cooperation
JEDDAH, Saudi Arabia — Canada and Saudi Arabia have launched a significant expansion of their bilateral relationship, signing more than $1 billion in commercial agreements and committing to deepen cooperation across trade, energy, artificial intelligence, mining, defence and investment during Prime Minister Mark Carney’s official visit to the Kingdom.
The July 9 visit marks the first by a Canadian prime minister to Saudi Arabia in 26 years and follows Carney’s participation in the 2026 NATO Summit in Türkiye.
Meeting with Crown Prince and Prime Minister Mohammed bin Salman, Carney announced a series of government and private-sector initiatives designed to diversify Canada’s international trade relationships while creating new opportunities for Canadian businesses and workers.
More Than $1 Billion in New Commercial Agreements
Canada and Saudi Arabia signed 13 commercial agreements and memorandums of understanding worth more than $1 billion, covering sectors including health technology, mining, infrastructure and defence.
According to the Prime Minister’s Office, the agreements will support:
- Canadian mining and critical minerals companies participating in Saudi projects.
- Canadian infrastructure firms contributing to Saudi Arabia’s Vision 2030 developments, including roads and rail networks.
- Canadian health technology companies supplying medical monitoring, clinical decision-support and surgical intelligence systems.
- Canadian colleges helping train Saudi workers in skilled trades, healthcare, construction and technology.
Energy and Artificial Intelligence Cooperation
The two governments also announced new agreements aimed at strengthening collaboration in strategic industries.
A memorandum of understanding on energy will promote investment and cooperation in:
- Liquefied natural gas (LNG)
- Renewable energy
- Hydrogen
- Carbon capture and storage
Canada and Saudi Arabia also signed a separate memorandum on artificial intelligence to advance collaboration in AI development, commercialization and deployment.
Among the private-sector announcements, Canadian AI company Cohere and Saudi Arabia’s HUMAIN unveiled a strategic partnership that will provide dedicated computing infrastructure for future sovereign artificial intelligence models.
As part of the agreement, HUMAIN will dedicate at least 50 megawatts of AI computing capacity to support Cohere’s next-generation foundation models.
Meanwhile, BlackBerry and Aramco Digital announced discussions exploring collaboration on secure communications and advanced industrial technologies.
Saudi Arabia represents massive new opportunities for Canadian energy workers and businesses. That’s what we focused on today with Minister Bandar Al-Khorayef and Ma’aden CEO Robert Wilt.
We’re going to work more closely together and harness the expertise in both our countries —… pic.twitter.com/to4Cpnn9BQ
— Mark Carney (@MarkJCarney) July 9, 2026
Defence Cooperation Expands
Defence and security also featured prominently during the visit.
Canada and Saudi Arabia committed to finalizing a memorandum of understanding on defence cooperation.
The federal government also announced plans to establish a permanent Canadian Defence Attaché office in Riyadh to strengthen military engagement and support Canada’s defence industry abroad.
The visit followed Canada’s recent defence initiatives announced during the NATO Summit, including negotiations to acquire up to 12 new submarines and expanded cooperation with NATO allies.
Investment and Trade Diversification
Carney announced several initiatives aimed at encouraging long-term investment between the two countries.
These include:
- A Canadian pension fund delegation to Saudi Arabia to explore investment opportunities.
- Canada’s participation in Expo 2030 Riyadh.
- A Canadian national pavilion at the 2028 World Defence Show.
- Expanded educational partnerships supporting professional training in Saudi Arabia.
The two governments also agreed to conclude negotiations on a Foreign Investment Promotion and Protection Agreement (FIPA) before the end of 2027.
Negotiations have also begun on a new double-taxation agreement intended to make investment and business operations easier in both countries.
Regional Security Discussed
Beyond economic cooperation, the leaders discussed regional stability in the Middle East.
Canada and Saudi Arabia jointly condemned recent Iranian attacks on commercial vessels in the Strait of Hormuz, stating that such actions threaten regional stability and international shipping.
The Prime Minister’s Office also confirmed Canada’s readiness to support multinational maritime security efforts through logistics, cyber capabilities, demining expertise and satellite imagery when appropriate.
Looking Ahead
The federal government said strengthening ties with Saudi Arabia supports Canada’s broader strategy of diversifying exports beyond the United States while expanding partnerships in rapidly growing global markets.
Saudi Arabia currently represents Canada’s second-largest trading partner in the Middle East and is pursuing major economic diversification through its Vision 2030 strategy.
Officials said the agreements announced during Carney’s visit are expected to create new commercial opportunities for Canadian businesses across energy, technology, infrastructure, education and advanced manufacturing while reinforcing Canada’s long-term presence in the Gulf region.
Source: Prime Minister’s Office, July 9, 2026.
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