Saudi state funds are actively pursuing investments in Canadian mining companies as part of a strategic initiative to bolster the kingdom’s influence in the sector and diversify its economy. This information was shared by Bandar Alkhorayef, the Saudi Minister of Industry and Mineral Resources, during his recent visit to Canada.
Despite existing local regulations that impose limits on foreign state entities’ investments, the minister emphasized that there are no significant barriers preventing the kingdom from investing in Canada’s mining sector, according to reports from Al Arabiya. This move reflects Saudi Arabia’s commitment to enhancing its role in the global mining industry.
In 2023, the value of Saudi Arabia’s non-oil exports to Canada reached approximately $37.33 million, with the majority consisting of base metals and agricultural products. This underscores the growing economic ties between the two nations and the potential for increased collaboration in the mining sector.
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