JEDDAH — Saudi Investment Minister Fahad Al-Saif said Saudi Arabia and Canada are entering a new phase of economic and investment partnership, supported by a shared vision to promote growth, innovation and high-value investment opportunities.Speaking at the Saudi-Canadian Investment Forum in Jeddah in the presence of Canadian Prime Minister Mark Carney, Al-Saif said the Kingdom has become one of the fastest-growing economies in the G20.He said Saudi Arabia's gross domestic product has grown by more than 85% since 2017, rising from about $720 billion to more than $1.3 trillion last year.Al-Saif added that the International Monetary Fund recently raised its forecast for Saudi economic growth in 2027 to 5.5%, reflecting the strength, resilience and long-term outlook of the Kingdom's economy. He noted that non-oil activities now account for more than half of Saudi Arabia's GDP.He said Saudi Arabia and Canada share the ambition of building more competitive, innovative and open economies capable of creating opportunities, attracting investment and generating sustainable economic value."This visit represents an important step toward translating that ambition into tangible partnerships and projects," he said.Al-Saif noted that Canadian companies have been investing in Saudi Arabia since 1979 and that 625 Canadian companies currently operate in the Kingdom, including 13 regional headquarters.He added that Saudi Arabia issued nearly 250 investment licenses to Canadian companies last year, double the number granted the previous year, describing Canada as an important investment partner while emphasizing that significant opportunities remain available across multiple sectors.The minister said foreign direct investment inflows into Saudi Arabia have increased nearly fivefold since 2017, while total FDI stock has doubled to around $293 billion. Total fixed capital formation also doubled to more than $370 billion last year, with non-oil, non-government investment accounting for approximately 77% of total investment.He said the Kingdom is building integrated national ecosystems in strategic sectors, including mining and critical minerals, artificial intelligence and financial services, where Canadian expertise complements Saudi investment opportunities.Al-Saif added that opportunities also extend to education, infrastructure, aviation and logistics, where Canadian institutions can contribute to vocational training, applied research and future skills development.He said major global events, including Expo 2030 Riyadh and the 2034 FIFA World Cup, along with the expansion of transport and logistics networks, will create additional opportunities for Canadian companies in design, engineering and project management.The minister said the launch of the Saudi-Canadian Coordination Council announced earlier marks a practical step toward strengthening institutional cooperation between the two governments and addressing challenges facing investors.He also welcomed the start of discussions on a bilateral investment promotion and protection agreement, describing it as an important step toward enhancing investor confidence and creating a stable and reliable investment environment in both countries.Al-Saif said Canada offers Saudi companies world-class expertise, advanced technologies and a strong record of trusted partnerships, while Saudi investors bring long-term strategic capital backed by a competitive economic framework and a clear vision for sustainable business growth.
