13 commercial agreements and MOUs worth more than C$1 billion were signed or marked during Mark Carney’s Saudi visit, spanning Canadian and Saudi companies and institutions including Hatch and AtkinsRéalis.
Carney said the trip is part of Canada’s push to diversify trade and attract investment beyond the United States, citing Donald Trump’s tariffs and threats to the U.S.-Mexico-Canada trade pact.
In Jeddah, Carney rejected criticism over engaging Riyadh despite its human rights record, arguing that “lecturing countries from afar” is ineffective and saying engagement can still raise consular and rights cases.
The visit is Canada’s first by a prime minister to Saudi Arabia in 26 years and marks a sharp shift from Justin Trudeau’s 2018 public criticism, which triggered a five-year diplomatic rift before ties were fully restored in 2023.
Saudi Arabia, seeking foreign capital as it tries to diversify beyond oil, called Canada a trusted long-term partner, underscoring the broader reset in bilateral economic relations.