Canada, Saudi Arabia sign $1 billion deals

Canadian Prime Minister Mark Carney concluded a landmark state visit to Saudi Arabia on Thursday, July 9, 2026, marking the first such trip by a Canadian leader in 26 years and signaling a full reset of bilateral relations after a deep diplomatic rift. The visit, which took place in Jeddah, resulted in agreements valued at over $1 billion and established a framework for expanded cooperation in mining, energy, artificial intelligence, and financial services.

The trip is a central part of Prime Minister Carney's strategy to diversify Canada's economic partnerships and reduce reliance on the United States, particularly in light of recent tariffs imposed by the Trump administration. During his visit, Carney met with Saudi Crown Prince and Prime Minister Mohammed bin Salman, as well as senior officials including the CEO of Saudi Aramco, Amin Nasser, and the governor of the Public Investment Fund (PIF), the kingdom's $900 billion sovereign wealth vehicle.

Thirteen new agreements and memorandums of understanding were signed, covering sectors such as health, defense, clean energy, and AI. A key focus is connecting Canadian technology, capital, and expertise with the opportunities...