Saudi Arabia and Canada Strengthen Technology, Innovation Cooperation
Trade between Saudi Arabia and Canada continues to expand as ministers meet to discuss partnerships.
Saudi Arabia's technology and innovation partnership with Canada is set to receive a boost following meetings between senior ministers.
They discussed new avenues of cooperation and strengthening trade ties.
The meeting included the Saudi Minister of Investment, Khalid Al-Falih, and Canada's Minister of Artificial Intelligence and Digital Innovation, Evan Solomon.
Their discussions focused on enhancing relations and building partnerships that contribute to mutual economic growth, particularly in priority investment sectors.Trade between the two countries is expanding.
In February, Saudi Arabia exported SR641 million ($170 million) to Canada, marking an 86.6 percent increase from SR344 million in February 2024, according to data from the Observatory of Economic Complexity.
This trend follows an agreement made in January 2024 for both nations to re-exchange trade delegations.
The aim is to enhance economic relations and boost trade and investment flows.The Saudi Minister of Investment stated: "The dialogue took place between me and Anita Anand, the Canadian Minister of Foreign Affairs, in the presence of the Saudi ambassador to Canada, Amal Yahya Al-Moallimi".
He added that they discussed supporting and strengthening relations between their two countries.
They aimed at facilitating investment exchange to achieve more fruitful cooperation in important sectors, benefiting both peoples.Artificial intelligence is a central pillar of Saudi Arabia's post-oil economic strategy.
The Kingdom leverages advanced technologies to drive data-led industries and automation.
It is now halfway through Vision 2030 and accelerating efforts to become a global technology leader while balancing innovation with sustainability goals.
Key initiatives, including the Project Transcendence program valued at around $100 billion, aim to establish Saudi Arabia as a global hub for AI innovation.Over the past five years, significant progress has been made in establishing Saudi Arabia as a regional artificial-intelligence hub.
PwC projects that AI could contribute approximately $235 billion, or 12.4 percent, to the Kingdom's gross domestic product by 2030.
They discussed new avenues of cooperation and strengthening trade ties.
The meeting included the Saudi Minister of Investment, Khalid Al-Falih, and Canada's Minister of Artificial Intelligence and Digital Innovation, Evan Solomon.
Their discussions focused on enhancing relations and building partnerships that contribute to mutual economic growth, particularly in priority investment sectors.Trade between the two countries is expanding.
In February, Saudi Arabia exported SR641 million ($170 million) to Canada, marking an 86.6 percent increase from SR344 million in February 2024, according to data from the Observatory of Economic Complexity.
This trend follows an agreement made in January 2024 for both nations to re-exchange trade delegations.
The aim is to enhance economic relations and boost trade and investment flows.The Saudi Minister of Investment stated: "The dialogue took place between me and Anita Anand, the Canadian Minister of Foreign Affairs, in the presence of the Saudi ambassador to Canada, Amal Yahya Al-Moallimi".
He added that they discussed supporting and strengthening relations between their two countries.
They aimed at facilitating investment exchange to achieve more fruitful cooperation in important sectors, benefiting both peoples.Artificial intelligence is a central pillar of Saudi Arabia's post-oil economic strategy.
The Kingdom leverages advanced technologies to drive data-led industries and automation.
It is now halfway through Vision 2030 and accelerating efforts to become a global technology leader while balancing innovation with sustainability goals.
Key initiatives, including the Project Transcendence program valued at around $100 billion, aim to establish Saudi Arabia as a global hub for AI innovation.Over the past five years, significant progress has been made in establishing Saudi Arabia as a regional artificial-intelligence hub.
PwC projects that AI could contribute approximately $235 billion, or 12.4 percent, to the Kingdom's gross domestic product by 2030.