Jeddah: Minister of Investment Fahad Al-Saif affirmed that Saudi-Canadian relations are entering a new phase of economic and investment partnership, supported by a shared vision to promote growth, innovation, and high-value investment opportunities between the two countries. Speaking at the Saudi-Canadian Investment Forum in Jeddah, attended by Canadian Prime Minister Mark Carney, the minister said Saudi Arabia has become one of the fastest-growing G20 economies under the Kingdom's leadership. He noted that the Kingdom's gross domestic product (GDP) has increased by more than 85% since 2017, rising from approximately $720 billion to more than $1.3 trillion last year. According to Saudi Press Agency, this growth continues to gain momentum. The International Monetary Fund (IMF) recently raised its forecast for Saudi Arabia's economic growth in 2027 to 5.5%, reaffirming the resilience and long-term prospects of the Saudi economy. He also noted that non-oil activities now account for more than half of the Kingdo m's GDP. The minister said Saudi Arabia and Canada share a strong ambition to build more competitive, innovative, and open economies capable of creating opportunities, attracting investment, and generating sustainable economic value. He described the visit as an important step toward translating this ambition into tangible partnerships and projects. Al-Saif stressed that Saudi-Canadian relations are built on strong people-to-people ties, complemented over the decades by expanding economic and trade relations. He noted that Canadian companies have been part of Saudi Arabia's investment journey since 1979. Today, 625 Canadian companies operate in the Saudi market, including 13 regional headquarters. During the past year alone, nearly 250 investment licenses were issued to Canadian companies, double the number issued the previous year. He said these figures reflect both the progress achieved and the significant opportunities that remain. Canada is an important investment partner, while Saudi Arabia continues to offer high-quality, long-term investment opportunities across various sectors. The minister noted that since 2017, foreign direct investment (FDI) inflows into the Kingdom have increased nearly fivefold, while FDI stock has doubled to approximately $293 billion. Gross fixed capital formation has also doubled, reaching more than $370 billion last year. Non-oil, non-government investment now accounts for around 77% of total investment. He said: "Saudi Arabia is building integrated national ecosystems that transform these opportunities into promising investment sectors, including an advanced mining and critical minerals ecosystem, a comprehensive artificial intelligence ecosystem, and a more competitive financial sector encompassing capital markets, insurance, private equity, and venture capital. These are areas where Canadian expertise complements Saudi opportunities, creating added value for both sides and laying the foundation for long-term partnerships." He added that opportunities also extend to educa tion, infrastructure, aviation, and logistics, where Canadian institutions can contribute to vocational training, applied research, and future skills development. He further said: "Major global events, led by Expo 2030 and the FIFA World Cup 2034, together with expanding transportation and logistics networks, create broad opportunities for Canadian companies in design, engineering, and project management." The minister emphasized that the visit, at this level and scale, reflects a practical translation of a new phase of bilateral cooperation. He noted that the Saudi-Canadian Coordination Council, announced today, will strengthen institutional communication between the two governments and help address challenges facing investors, thereby enhancing the business environment and facilitating investment flows. He welcomed the launch of discussions on an Investment Promotion and Protection Agreement, describing it as an important step toward strengthening confidence and providing a stable and reliable investment environment for investors in both countries. He also noted that several investment agreements would be signed shortly, reflecting the breadth of available opportunities and translating the shared vision for partnership into practical outcomes. Al-Saif concluded by emphasizing that Canada is an important partner for Saudi companies, offering global expertise, high-quality capital, advanced technologies, and a proven record of trusted partnerships. In return, he said, Saudi investors bring long-term investment, strategic capital, a competitive economic framework, and a clear vision focused on building sustainable businesses that generate real economic value alongside sustainable financial performance.