Saudi Arabia, Canada Boost AI and Innovation Cooperation
Saudi Arabia and Canada are enhancing their technology and innovation partnership following high-level ministerial meetings aimed at exploring new cooperation avenues and bolstering trade ties. Saudi Minister of Investment Khalid Al-Falih announced on X that he met with Canada’s Minister of Artificial Intelligence and Digital Innovation Evan Solomon to discuss strengthening bilateral relations and building partnerships for mutual economic growth, particularly in key investment sectors.
In a subsequent post on X, Al-Falih 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.
“We discussed supporting and strengthening relations between our two countries, and facilitating investment exchange, in order to achieve more fruitful cooperation in the most important sectors, which will bring success to both peoples,” he added.
Growing Trade Relations
This development comes as trade between the two nations continues to expand. In February alone, Saudi Arabia exported SR641 million ($170 million) to Canada, marking an impressive 86.6% increase from February 2024’s figures, according to data from the Observatory of Economic Complexity.
The recent discussions build upon a January 2024 agreement where both countries committed to exchanging trade delegations to further enhance economic relations and boost trade and investment flows.
Saudi Arabia’s AI Ambitions
Artificial intelligence has emerged as a cornerstone of Saudi Arabia’s post-oil economic strategy. The Kingdom is actively leveraging advanced technologies to drive data-led industries and automation.
At the halfway mark of Vision 2030, Saudi Arabia is accelerating its efforts to position itself as a global technology leader, carefully balancing innovation with sustainability goals. Key initiatives like the $100 billion Project Transcendence program underscore this commitment to becoming a global hub for AI innovation.
Over the past five years, Saudi Arabia has made significant strides in establishing itself as a regional artificial intelligence powerhouse. Industry analysts at PwC project that AI could contribute approximately $235 billion, or 12.4%, to the Kingdom’s gross domestic product by 2030.
This strengthened partnership with Canada represents another significant step in Saudi Arabia’s journey toward becoming a global technology leader.
