Canadian companies are increasingly interested in investing in Saudi Arabia’s healthcare sector, with 40 firms considering opportunities as economic ties between the two nations strengthen.
This interest was evident during a healthcare event in Riyadh organized by the Federation of Saudi Chambers, which highlighted available investment opportunities.
Saudi Arabia aims to increase private sector involvement in healthcare to 25% by 2030, driven by industry growth and investment incentives. This initiative is part of broader efforts to enhance relations with Canada, marked by the renewal of diplomatic ties in May 2023 after a five-year break.
Mohammed bin Nasser Al-Duleim, Chairman of the Saudi-Canadian Business Council, emphasized the council’s role in boosting trade and investment between the two countries.
He also discussed Vision 2030’s initiatives and the incentives Saudi Arabia offers to foreign investors.
Jean-Philippe Linteau, Canada’s Ambassador to Saudi Arabia, praised efforts to strengthen economic ties and highlighted Canadian firms’ strong interest in the healthcare sector.
A high-level meeting in December focused on economic cooperation, reflecting ongoing progress in bilateral relations.
Saudi Arabia’s Minister of Economy and Planning, Faisal Al-Ibrahim, met with Linteau to discuss further collaboration.
Following the normalization of relations, Canada is eager to build a “great relationship” with Saudi Arabia, as Linteau noted in an interview.
In January, both countries agreed to exchange trade delegations to enhance economic relations and increase trade and investment volumes.
Hassan Al-Huwaizi, President of the Saudi Chambers of Commerce, noted that a joint business council would promote business activities and partnerships, facilitating market opportunity exchanges.
In 2022, Saudi exports to Canada were $2.5 billion, with imports at $959 million, according to the Observatory of Economic Complexity.