At the Saudi-Canadian Investment Forum in Jeddah, Saudi Investment Minister Fahad Al-Saif announced a new phase of economic and investment partnership between Saudi Arabia and Canada, emphasizing a shared vision for growth and innovation. With Saudi Arabia's GDP soaring over 85% since 2017, now exceeding $1.3 trillion, the Kingdom is positioning itself as one of the fastest-growing economies in the G20. Al-Saif noted that the International Monetary Fund has recently upgraded its growth forecast for Saudi Arabia to 5.5% by 2027, underscoring the resilience and long-term potential of the Saudi economy, where non-oil sectors now contribute more than half of the GDP.
The minister highlighted the historical ties between the two nations, with Canadian companies operating in Saudi Arabia since 1979. Currently, 625 Canadian firms are active in the Kingdom, including 13 regional headquarters. In a notable uptick, Saudi Arabia issued nearly 250 investment licenses to Canadian companies last year, a figure that has doubled from the previous year. This trend indicates a robust appetite for collaboration, particularly in sectors where Canadian expertise aligns with Saudi investment opportunities, such as artificial intelligence, financial services, education, and infrastructure.
Al-Saif also pointed to upcoming global events like Expo 2030 in Riyadh and the 2034 FIFA World Cup as catalysts for further investment opportunities in design, engineering, and project management. The establishment of the Saudi-Canadian Coordination Council and discussions on a bilateral investment promotion and protection agreement are seen as critical steps to enhance institutional cooperation and investor confidence. Al-Saif emphasized that while Canada offers advanced technologies and expertise, Saudi investors are equipped with strategic capital and a clear vision for sustainable growth, setting the stage for a fruitful partnership moving forward.
The minister highlighted the historical ties between the two nations, with Canadian companies operating in Saudi Arabia since 1979. Currently, 625 Canadian firms are active in the Kingdom, including 13 regional headquarters. In a notable uptick, Saudi Arabia issued nearly 250 investment licenses to Canadian companies last year, a figure that has doubled from the previous year. This trend indicates a robust appetite for collaboration, particularly in sectors where Canadian expertise aligns with Saudi investment opportunities, such as artificial intelligence, financial services, education, and infrastructure.
Al-Saif also pointed to upcoming global events like Expo 2030 in Riyadh and the 2034 FIFA World Cup as catalysts for further investment opportunities in design, engineering, and project management. The establishment of the Saudi-Canadian Coordination Council and discussions on a bilateral investment promotion and protection agreement are seen as critical steps to enhance institutional cooperation and investor confidence. Al-Saif emphasized that while Canada offers advanced technologies and expertise, Saudi investors are equipped with strategic capital and a clear vision for sustainable growth, setting the stage for a fruitful partnership moving forward.
Source: Saudi Gazette
