Canada-Saudi Business Council
Helping Your Company Find Its Way In the Kingdom of Saudi Arabia
Canada and Saudi Arabia: A Strategic Partnership for Growth
Knowing the Kingdom
The Kingdom of Saudi Arabia is a dynamic and rapidly transforming G20 economy, currently undergoing one of the world’s most ambitious modernization efforts through its Vision 2030 initiative. With over $700 billion in foreign reserves and one of the youngest populations globally, the Kingdom has large and growing demand for infrastructure, technology, services, and consumer goods.
In 2024, Saudi Arabia’s real GDP grew by 1.3%, driven by a 4.3% rise in non-oil activities and a 2.6% increase in government services, despite a 4.5% decline in oil activities. The IMF projects 3% growth in 2025, and 3.7% by 2026, signaling a shift toward sustainable, diversified development.
Saudi Arabia is the largest petrochemical producer in the Arab world and ranks among the top 20 global economies. It is also one of the largest global exporters of oil and ranks 15th among the world's top exporters and 21st among top importers (excluding intra-EU trade). The packaged food market alone was valued at USD $24.6 billion in 2024, with forecasts expecting it to reach $35.9 billion by 2029.
The Kingdom remains Canada’s largest trading partner in the Arabian Peninsula, with bilateral trade reaching over 14 billion Saudi Riyals (~$5 billion CAD) annually. Saudi Arabia exports petrochemical products, plastics, and energy materials to Canada, while importing specialized equipment, infrastructure technology, and services. Canadian investments in the Kingdom are currently valued at over $1.2 billion CAD.
The Canada–Saudi Relationship
Canada and Saudi Arabia share long-standing diplomatic and commercial ties, recently renewed through the restoration of full diplomatic relations in May 2023. This re-engagement has revitalized cooperation efforts and reopened opportunities for bilateral dialogue, including the reactivation of the joint business council.
Over the past decades, partnerships between the two nations have grown across healthcare, engineering, education, and infrastructure. Since the 1980s, over 1,000 Saudi medical professionals have trained in Canada, and Canadian architects, engineers, and professionals have continued to contribute to key projects across the Kingdom.
Trade data shows that Saudi Arabia exported ~627.7 million SAR to Canada in January 2025, while Canadian exports to Saudi Arabia reached ~302.8 million SAR in December 2024. Key traded sectors include chemicals, aerospace, education, ICT, and agriculture.
Additionally, over 20,000 Saudi students are currently enrolled in Canadian post-secondary institutions, reinforcing the cultural and academic ties between the two nations. Joint forums now aim to expand collaboration in vocational training, research, and dual-degree programs.
The Government of Canada continues to identify Saudi Arabia as a priority market, with major opportunity areas including:
- Education
- Infrastructure
- ICT
- Clean Energy, Oil & Gas
- Agriculture and Processed Foods
- Life Sciences
- Forestry and Wood Products
- Canada Saudi Trade Partnerships