Canadian PM visits Saudi Arabia to boost energy, mining deal | Business and Financial Issues

Carney and Saudi Crown Prince Bin Salman have strengthened ties after years of trouble between Trudeau.

Canadian Prime Minister Mark Carney has visited Saudi Arabia, marking the first official visit in more than a quarter of a century as Ottawa and Riyadh engage in deeper exploration of mining and energy.

Carney visited on Thursday, after the NATO meeting in Turkey, doubled the call of to differentiate business relationships as the President of the United States Donald Trump imposed tariffs that have burdened the Canadian economy. The visit included deals on mining, energy and artificial intelligence, which Carney’s office said would be finalized next year.

The two countries signed 13 new agreements and memorandums of understanding (MoUs) in areas including health and security. The contracts are worth $1bn.

Among the deals are agreements that will help Canadian companies develop mining and clean energy projects in Saudi Arabia.

During his visit, Carney also met with Amin Nasser, the head of state-owned oil giant Saudi Aramco. On energy, Carney’s office said that the two countries are working together on agreements related to natural gas, hydrogen and carbon capture and storage.

Carney’s office also said he would lead a “group of Canadian pension funds” as part of efforts to sell Saudi Arabia’s energy and AI.

In talks with Saudi Crown Prince Mohammed bin Salman, Carney signed a series of agreements aimed at expanding ties between the two countries after years of strained relations under former Prime Minister Justin Trudeau.

Trudeau, who preceded Carney, criticized Saudi Arabia’s treatment of human rights activists, including Saudi author Raif Badawi and his sister, Samar. In response, Saudi Arabia expelled the Canadian ambassador and cut trade and investment ties in 2018.

Ottawa and Riyadh began restoring their relationship in 2023.

Carney was asked by reporters about the decision to restart with Saudi Arabia, to which he replied:

“Talking with the world does not mean that we accept everything that the world is doing.”

“We are actively engaging with partners around the world,” Carney said.

“Teaching distant countries is an ineffective method.

Carney was also asked about ongoing negotiations with the United States. Reporters pressed him on whether there had been any progress in trade talks with Trump amid tensions surrounding the North American Free Trade Agreement.

“I’ll let you know,” Carney said.