Prime Minister Mark Carney travelled to Saudi Arabia on Thursday to attend an investment forum in Jeddah. The visit included meetings with Saudi Arabia's Crown Prince Mohammed bin Salman and business leaders from Saudi oil and mining companies. His wife Diana Fox Carney accompanied him.

Carney arrived Wednesday evening, coming directly from a NATO meeting in Turkey. He had announced the trip weeks in advance. Saudi officials greeted him with a formal ceremony alongside Prince Saud.

The meetings brought together top executives from Saudi Aramco (the country's major oil company) and Ma'aden (Saudi Arabia's mining company), along with Saudi government ministers. Carney's team included two federal cabinet ministers—Finance Minister François-Philippe Champagne and Defence Minister David McGuinty—plus the head of Canada's Defence Investment Agency and a member of Parliament.

According to the Canada-Saudi Arabia Business Council, the visit was particularly significant because it focused on mining and critical minerals (metals and minerals that are important for technology and industry). Saudi Arabia has decided to build up its mining sector as a way to reduce its dependence on oil sales.

Why This Matters Right Now

Saudi Arabia has a long-term plan called Vision 2030 to diversify its economy. Mining is a key part of that plan. Canada has expertise in mining and has critical minerals that other countries want. Finance Minister Champagne is also working out tax and investment rules that would make it easier for Canadian mining companies to operate in Saudi Arabia.

The visit follows a difficult period in the relationship. In 2018, Canada's government criticized Saudi Arabia's treatment of women and its court system. Saudi Arabia responded angrily—stopping trade talks and recalling its ambassador. Canada did the same. This freeze lasted until 2023, when both countries restored their ambassadors.

Thursday's visit shows the relationship has moved beyond simply restoring diplomatic ties. It signals that both countries now want to work together actively on business and investment. The fact that a sitting Prime Minister attended, rather than just sending a minister, sends a stronger message about how serious Canada is about the partnership.

Canada has been trying to position itself as a reliable source of critical minerals to Western countries that are concerned about depending too heavily on China for these materials. Saudi Arabia's interest in mining partnerships could help both countries pursue that goal.

The trip also included defence officials, though no specific defence deals were announced publicly. Saudi Arabia is a major buyer of defence equipment in the region, and Canadian companies have had a complicated history there.