Canada and Saudi Arabia Forge New Energy and Mining Partnerships

Prime Minister Mark Carney traveled to Saudi Arabia, inaugurating the first state visit in over 25 years as Canada and Saudi Arabia pursue intensified collaboration in mining and energy.

Published On 9 Jul 20269 Jul 2026

Carney visited on Thursday, shortly after the NATO summit in Turkey, as Canada intensified efforts to broaden trade partnerships amid U.S. tariffs that have strained its economy. Discussions yielded agreements on mining, energy, and artificial intelligence, with finalization expected next year.

The two nations signed 13 new agreements and memorandums of understanding covering sectors such as health and defence, collectively valued at approximately $1 billion.

These agreements will enable Canadian firms to develop mining and clean‑energy projects within Saudi Arabia.

During his stay, Carney met with Amin Nasser, chief executive of Saudi Aramco, and discussed collaborative initiatives in liquefied natural gas, hydrogen, and carbon‑capture technologies.

Carney announced that he will lead a delegation of Canadian pension funds to pursue investments in Saudi Arabia’s energy and artificial‑intelligence sectors.

In discussions with Saudi Crown Prince Mohammed bin Salman, Carney signed agreements designed to expand key bilateral partnerships, building on a period of strained relations during former Prime Minister Justin Trudeau’s tenure.

Trudeau, Carney’s predecessor, had criticized Saudi Arabia’s handling of human‑rights activists, including writer Raif Badawi and his sister Samar. Saudi Arabia responded by expelling the Canadian ambassador and suspending trade and investment links in 2018.

Ottawa and Riyadh initiated the restoration of diplomatic relations in 2023.

Carney was questioned by reporters regarding the decision to re‑engage with Saudi Arabia, to which he replied:

“Engaging with a country does not imply endorsement of all its actions.”

“We are actively engaging with key partners worldwide,” Carney said.

“Lecturing other nations from a distance is an ineffective approach; while it may be satisfying, it does not produce results.”

Carney was also questioned about ongoing negotiations with the United States, specifically whether any progress had been made in trade talks with President Trump amid tensions related to the North American Free Trade Agreement.

“I will keep you informed,” Carney said.

Source link