“Canada and Saudi Arabia have both embarked on ambitious new missions to transform their economies. To that end, we are harnessing each other’s strengths across minerals and mining, technology, energy, and commerce. Canada has what the world wants. We are cultivating a dense web of new connections to diversify our trade, create new opportunities for our workers and businesses, and deliver greater security and prosperity for all Canadians,” Carney said.
Saudi Arabia, whose economy is valued at $1.8 trillion and whose sovereign wealth fund holds an estimated $1 trillion in assets, is Canada’s second-largest trading partner in the Middle East. The kingdom’s Vision 2030 programme, aimed at diversifying away from oil and gas, has made it a target for foreign capital, and Saudi Investment Minister Fahad Al-Saif described Canada as “a trusted long-term partner,” adding that Saudi investors bring “patient capital.”
Facing criticism
The talks unfolded as renewed fighting between the US and Iran unsettled the wider Gulf region, following a missile strike on a Saudi tanker and a Qatari vessel in the Strait of Hormuz.
Carney said engaging directly with Riyadh, rather than criticising from a distance, was the more effective route given the kingdom’s regional influence. “It’s a very fragile, tense situation,” he told reporters.
Asked whether he was prioritising business ties over Canada’s long-standing disagreements with Saudi Arabia on human rights, Carney defended his approach to reporters in Jeddah. “Lecturing countries from afar is an ineffective strategy. It’s satisfying but it’s ineffective. Engagement can be effective. It doesn’t mean it’s always, it doesn’t mean it’s decisive, but it can be effective,” he said.
