Toronto, October 2, 2024 – A significant step in revitalizing Saudi-Canadian economic relations was marked by the Federation of Saudi Chambers delegation, represented by the Saudi-Canadian Business Council, as it embarked on a new phase of collaboration after a six-year hiatus in trade delegation activities between the two nations. This renewed effort aligns with the official visit of Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, who is currently in Canada to explore expanded trade and investment opportunities.
The Saudi-Canadian Business Council hosted a key roundtable meeting in Toronto, which was attended by high-profile figures including Minister Alkhorayef, Saudi Arabia’s Ambassador to Canada, Amal Al-Moalimi, President of the Saudi-Canadian Business Council, Mohammed bin Nasser Al-Dulaim, and several influential investors from both countries. The discussions focused on identifying and promoting investment opportunities across strategic sectors such as mining and industries, reflecting Saudi Arabia's Vision 2030, which aims to diversify the Kingdom’s economy and foster international business partnerships.
A notable outcome of the meeting was the signing of a memorandum of understanding to establish a joint Saudi-Canadian company, which will specialize in designing and manufacturing complex structures for entertainment and sports events. This collaboration highlights the potential for future partnerships and cross-border investments that align with the evolving needs of both economies.
President Mohammed bin Nasser Al-Dulaim emphasized the success of the Saudi-Canadian Business Council in reinvigorating economic cooperation between the two countries. He noted that productive discussions with major Canadian companies had led to the signing of significant commercial partnerships. Additionally, the opening of a Business Council office in Toronto further solidifies the framework for continued engagement and collaboration.
In July, the Federation of Saudi Chambers announced the final formation of the Saudi-Canadian Business Council, which marked a crucial milestone in restoring economic relations. After years of halted trade missions and delegation activities, this latest engagement demonstrates a renewed commitment to fostering mutually beneficial ties between Saudi Arabia and Canada.