Mark Carney Signs $1 Billion Trade Deal in Saudi Arabia

Prime Minister Mark Carney visited Jeddah, Saudi Arabia, from July 8 to 10, 2026, marking the first visit by a sitting Canadian prime minister to the kingdom in 26 years. During meetings with Crown Prince Mohammed bin Salman at Al-Salam Royal Palace, Carney signed 13 commercial agreements and memorandums of understanding valued at over $1 billion. These deals span critical minerals, energy, artificial intelligence, health technology, and defense.

The two leaders established the Canada-Saudi Arabia Coordination Council and signed a Joint Action Document to institutionalize cooperation in security, trade, and science. They also agreed to finalize a foreign-investment protection and promotion agreement by the end of 2027. At the Saudi Arabia-Canada Investment Forum, Carney emphasized the strategic partnership in mining and education, while Saudi Arabia's sovereign wealth fund committed to attend the Canada Investment Summit in Toronto in September.

This diplomatic pivot follows a rift that began in 2018 over Canada's criticism of Saudi human rights and the murder of Jamal Khashoggi. Carney defended the re-engagement as a way to reduce Canada's economic dependence on the United States amid tariffs imposed by President Donald Trump. Foreign Affairs Minister Anita Anand raised human rights concerns with Saudi officials and condemned Iranian attacks on commercial vessels in the Strait of Hormuz, though Carney argued that direct engagement is more effective than lecturing from afar.