Minister of Industry and Mineral Resources Bandar Alkhorayef recently engaged in a series of bilateral meetings with leading Canadian companies to explore knowledge transfer and innovation opportunities in key sectors. These meetings focused on fields that contribute to the development of the national industry strategy, such as the food and automotive industries, and attracting quality investments to the Saudi mining sector. The goal of this visit was to enhance industrial and mining cooperation between Canada and Saudi Arabia, explore mutual opportunities in these sectors, and attract foreign investments to the Kingdom.
During a roundtable meeting organized by the Saudi-Canadian Business Council in Toronto, discussions centered around the Kingdom’s investment environment and the unique opportunities provided by the National Industrial Strategy and the comprehensive mining and mining industries strategy for Canadian companies. Minister Alkhorayef highlighted the incentives and support available from the industry and mining sectors to facilitate investors throughout every phase of their projects. The Saudi-Canadian Business Council has been working since 2015 to enhance trade, commerce, and investment between Saudi Arabia and Canada, making Alkhorayef’s participation in the roundtable a significant step towards strengthening bilateral relations.
The talks between Minister Alkhorayef and Canadian mining companies focused on investment opportunities in exploration, exploitation, and mineral processing in Saudi Arabia, which boasts a mineral wealth estimated at around $2.5 trillion. Discussions also covered the use of responsible and sustainable mining technologies, the objectives of the comprehensive mining strategy and the national mineral program, and the Kingdom’s investment climate. Alkhorayef emphasized the stable legislative environment in Saudi Arabia, which applies the highest standards of transparency and governance, as well as the strict mining investment law and incentives provided to investors.
Meetings with Allied Gold Corporation, Hatch Ltd, Agnico Eagle Mines, Kinross Gold, and Bank of Montreal (BMO) were held to discuss attracting Canadian companies to invest in the Saudi mining sector. These discussions are in line with the Kingdom’s ambitious steps to develop the mining sector and make it the third pillar of its industry after oil and petrochemicals, as outlined in Vision 2030. Saudi Arabia provides geological data spanning 80 years through a digital platform to assist investors in making informed decisions. In 2019, the Kingdom revamped its mining investment law, positioning itself as one of the top 10 countries with the lowest legal and financial risks in terms of mining investment.
Minister Alkhorayef also met with Max Koeune of McCain Foods Ltd to discuss the transfer and localization of the latest food manufacturing technologies and opportunities to establish a research and development center in Saudi Arabia. The food sector is a priority in the national industry strategy to enhance food security. Saudi Arabia has made significant progress in supporting its food self-sufficiency, with self-sufficiency rates of 100% in dairy products, 68% in poultry, and 52% in fish. The Kingdom also boasts a strong industrial base with over 1,500 food factories and investments exceeding SR88 billion.
Additionally, discussions were held with Magna International to explore opportunities for localizing the latest automotive technologies, electric-vehicle solutions, smart safety technologies, and fuel efficiency improvements in the Kingdom. The Saudi market holds a significant position in the automotive industry in the region, accounting for 40% of total sales in the Middle East and North Africa. Recent developments in Saudi Arabia include the licensing of the inaugural Saudi EV brand, “Ceer,” and the inauguration of the Kingdom’s first EV manufacturing facility, “Lucid,” with plans to exceed an annual production capacity of 300,000 vehicles by 2030. These discussions are part of the Kingdom’s commitment to advancing the automotive industry and fostering knowledge transfer and innovation within the sector.
Overall, Minister Alkhorayef’s visit to Canada aimed to strengthen industrial and mining cooperation between the two countries, explore opportunities for mutual collaboration in various sectors, and attract foreign investments to Saudi Arabia. With a focus on key fields such as food, automotive, and mining industries, the Kingdom is working towards achieving its goals outlined in Vision 2030, positioning itself as a promising destination for international investors looking to capitalize on its mineral wealth, competitive incentives, and supportive investment climate.
