The governments of Saudi Arabia and Canada announced on July 10 2026 the start of formal negotiations on a double taxation avoidance agreement after high-level discussions in Jeddah. A joint statement from the visit by Canadian Prime Minister Mark Carney outlined ambitions to finalise a bilateral investment promotion and protection agreement by early 2027. The two sides also pledged to enhance cooperation between financial institutions to back major strategic projects and welcomed increased two-way investment flows.
Canadian companies already hold the largest share of exploration licenses in the Kingdom according to the joint statement which highlighted opportunities to build on a memorandum of understanding signed in January 2026. Natural Resources Canada reported that the earlier pact with Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Al-Khorayef focused on strengthening critical minerals and energy collaboration at the Future Minerals Forum. The latest talks aim to accelerate partnerships in this sector as part of broader efforts to diversify bilateral economic relations.
Bilateral trade between the two countries has surpassed 20 billion dollars since 2020 the joint statement indicated while both governments committed to boosting non-oil commerce and supporting small and medium-sized enterprises. Al Arabiya sources said more than 13 agreements and memoranda of understanding worth over one billion dollars were expected from the visit involving Canadian firms in mining education energy health and infrastructure. The Saudi-Canadian Investment Forum held during the trip produced deals spanning energy artificial intelligence and skills development the statement added.
A Saudi-Canadian Coordination Council co-chaired by the foreign ministers will oversee implementation of a joint action document that serves as a roadmap for future collaboration according to the July 10 announcement. The statement noted that the countries plan to expand an air transport agreement first updated in November 2025 which now permits up to 14 weekly passenger flights and unlimited cargo services. Officials from both sides emphasised the importance of reactivating the Joint Economic Commission to advance trade and investment initiatives.
The discussions also covered defence cybersecurity and counterterrorism cooperation though the primary focus remained on economic ties the joint statement showed. Asharq Al-Awsat reported that earlier meetings in Ottawa had already launched negotiations toward the foreign investment agreement reflecting sustained momentum in relations. Saudi Arabia welcomed Canadian participation in its Vision 2030 projects while Canada invited Saudi investors to a major summit scheduled for Toronto in September 2026.
Progress in the mining sector follows years of Canadian involvement in Saudi exploration activities the statement confirmed with both parties seeking to increase joint ventures in critical minerals supply chains. The January 2026 memorandum of understanding laid groundwork for enhanced technical exchanges and investment in sustainable extraction methods according to Natural Resources Canada documentation. These steps form part of a longer-term strategy to align economic interests in a changing global landscape.
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