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The joint statement released following meetings in Jeddah from July 8 to 10 outlined the launch of formal negotiations for a double taxation avoidance agreement between the two countries. It welcomed substantial progress toward concluding a foreign investment promotion and protection agreement by early 2027 as part of efforts to boost two-way capital flows. Saudi Arabia welcomed greater interest from Canadian investors in Kingdom opportunities while Canada extended an invitation for Saudi participants to attend its inaugural Investment Summit in Toronto during September 2026 the statement added. Officials from both sides also agreed to enhance collaboration between financial institutions to support financing for major strategic projects.
Bilateral trade has exceeded 20 billion USD since 2020 according to figures cited in the joint statement which called for greater two-way investment increased non-oil commerce and expanded support for small and medium-sized enterprises. The Saudi-Canadian Investment Forum held on the margins of the visit produced multiple commercial and investment agreements spanning mining engineering infrastructure advanced industries education financial services and information technology the statement noted. It further welcomed the signing of memorandums of understanding covering energy cooperation artificial intelligence investment and skills development.
Cooperation in mining and critical minerals will expand under a memorandum of understanding signed in January 2026 the joint statement said with Canadian companies already holding the largest share of exploration licenses issued by Saudi Arabia’s Ministry of Industry and Mineral Resources. The Saudi Press Agency has reported a 220 percent surge in mining licenses issued during 2025 as the Kingdom positions the sector as a key pillar of economic diversification. Al Arabiya sources indicated that more than 13 agreements and memoranda of understanding worth over 1 billion USD were concluded or advanced during the visit underscoring the momentum in this area.
Opportunities for joint work in liquefied natural gas renewable energy hydrogen carbon management and resilient supply chains received particular attention in the energy memorandum the joint statement detailed. The artificial intelligence memorandum aims to foster investment business linkages technical collaboration and advanced training programs between the two sides. Both countries identified additional prospects in healthcare biotechnology digital health pharmaceuticals medical technologies research and workforce development the statement continued.
The leaders agreed to establish a Saudi-Canadian Coordination Council co-chaired by their foreign ministers to drive cooperation across political defense security economic trade investment cultural educational scientific and consular domains the joint statement explained. A Joint Action Document will function as the council’s operational roadmap for delivering results in strategic sectors. The two sides also decided to further expand a bilateral air transport agreement originally updated in November 2025 that currently permits up to 14 weekly passenger flights per side and unlimited cargo services.
Canada reaffirmed its backing for Saudi Arabia’s bid to host the G20 summit in 2030 while Prime Minister Carney confirmed his country’s participation in Expo 2030 in Riyadh and highlighted potential ties ahead of the 2034 FIFA World Cup the joint statement recorded. This visit marked the first by a Canadian prime minister to the Kingdom in 26 years according to the Prime Minister’s Office in Ottawa. The statement concluded by addressing regional and international issues including condemnation of recent Iranian attacks on vessels in the Strait of Hormuz support for a two-state solution in Palestine and calls for political resolutions in Yemen and Sudan.
