Canada Strengthens Critical Minerals and Energy Ties with Saudi Arabia
The Government of Canada has concluded a successful two-day mission to Riyadh, Saudi Arabia, where Claude Guay, Parliamentary Secretary to the Minister of Energy and Natural Resources, represented Canada at the Future Minerals Forum. The visit reinforced Canada’s commitment to advancing global critical mineral supply chains and deepening economic ties with Saudi Arabia.
On January 13, 2026, Canada signed a Memorandum of Understanding with Bandar Ibrahim Al-Khorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, to enhance cooperation in the field of mineral resources. This agreement will promote trade and investment across critical mineral value chains, foster knowledge sharing, and support bilateral efforts to secure sustainable supply chains.
As part of the Future Minerals Forum, Guay participated in a panel with Al-Khorayef and emphasized the role Canadian critical minerals can play in advancing Saudi Arabia’s Vision 2030 economic transformation, underlining Canada’s position as a strategic partner and showcasing how Canadian expertise in environmental, social and governance (ESG) standards and advanced technologies can attract global capital.
Guay also took the opportunity to engage in bilateral meetings with leading Saudi mining companies to showcase Canada’s mining expertise and explore opportunities to attract Saudi investment. He highlighted recent mining projects referred to Canada’s Major Projects Office and discussed avenues to share mining expertise.
Canada is committed to strengthening trade and investment ties with Saudi Arabia. This was exemplified at the Future Minerals Forum by the formalization of a partnership between Canada’s Northern Graphite and Saudi Arabia’s Obeikan Investment Group to develop Battery an Anode Material processing facility in Saudi Arabia — a key step toward secure, diversified supply chains.
This mission marked a key step in Canada’s strategy to catalyze $500 billion in new private sector investments at home and around the world and double non-U.S. exports in the next decade.
“Canada has what the world wants, and we are moving quickly to strengthen international partnerships, forge new trading relationships and become an energy superpower. Deepening collaboration with partners like the Kingdom of Saudi Arabia — our largest trading partner in the region — creates opportunities for Canadian industry, strengthens our economic diversity and resilience and will create lasting prosperity across our economy,” said Tim Hodgson, Minister of Energy and Natural Resources Canada.
In 2024, Saudi Arabia was Canada’s largest two-way trading partner in the Middle East and North Africa, with merchandise trade totaling approximately $4.1 billion ($2 billion in Canadian exports and $2.1 billion in imports). Top Canadian exports include defense products, aircraft, motor vehicles and parts, pharmaceuticals and industrial machinery. Energy products accounted for over 97% of Canadian imports from Saudi Arabia.
Saudi Arabia is rapidly transforming its mining sector to become a global hub for mineral processing and investment, creating opportunities for Canadian companies and investors to collaborate on secure and sustainable supply chains.
