Prime Minister Mark Carney has concluded the first visit of a Canadian leader to Saudi Arabia in 26 years, securing over $1 billion in agreements and an invitation for Saudi Arabia's Public Investment Fund (PIF) to attend a Toronto investment summit in September. The trip is part of Carney's strategy to diversify Canada's economy away from its reliance on the United States amid threats and tariffs from President Donald Trump.
Deals and Delegations
Canadian officials and a business delegation signed agreements with Saudi partners worth more than $1 billion, Carney announced Thursday. Following the visit, some of each nation's largest investors will examine the other's assets more closely. The PIF, Saudi Arabia's $900 billion sovereign wealth fund, will attend an investment summit Carney is hosting in Toronto in September. Additionally, Finance Minister Francois-Philippe Champagne will lead a delegation of Canada's large pension funds to the Gulf state in the coming months.
Target Sectors for Investment
Carney identified energy—from liquefied natural gas to nuclear—as well as mining and conventional infrastructure as sectors in Canada that could see Saudi investment. He also noted strong interest from Saudi partners in building educational ties and the “agentic” layer of artificial intelligence technology.
High-Level Meetings
Carney, Champagne, Defence Minister David McGuinty, Canada's ambassador, and Canada's Defence Investment Agency chief executive Doug Guzman met with top Saudi business and government officials on Thursday. These included Saudi Aramco CEO Amin Nasser, the PIF governor, the head of mining firm Maaden, and Saudi AI firm Humain. Carney capped the visit by meeting Saudi Arabia's Crown Prince and Prime Minister Mohammed bin Salman.
Defending Engagement
“Engagement is not endorsement,” Carney said, defending his approach. “Lecturing countries from afar is an ineffective strategy.” The visit extends a series of leader-to-leader summits seeking rapprochement with states that had unfriendly relationships with his predecessor Justin Trudeau, particularly China and India.
Opposition Criticism
The opposition Conservative Party argued that Carney has signed many deals since becoming prime minister last year but is less successful in delivering major economic results. It cited a June Bloomberg survey that saw economists slash growth expectations for Canada's economy.
