Canada-Saudi AI & Energy Drive
Canada, Saudi Arabia Deepen Economic Ties, Boost AI and Energy Cooperation with New Investments
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Key Points
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Cohere's partnership with Humain includes allocating at least 50 megawatts of dedicated AI computing capacity, with the live deployment targeted for late 2027 and potential expansion over five years; Humain is backed by Riyadh's Public Investment Fund.
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Canada's presence in Saudi Arabia is already extensive, with 625 Canadian companies operating in the Kingdom and 13 regional headquarters; nearly 250 investment licenses were issued to Canadian firms last year, double the prior year.
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Saudi Arabia's economy is scaling rapidly: GDP has grown more than 85% since 2017 to over $1.3 trillion, and IMF forecasts project 5.5% growth in 2027; non-oil activities now account for more than half of GDP.
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The Saudi-Canadian Investment Forum in Jeddah saw the signing of 15 additional MoUs and cooperation agreements between government entities, companies and institutions, spanning sectors such as energy, AI, and financial services.
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In a broader collaboration framework,MoUs include a cooperation agreement on energy between Saudi Arabia's Ministry of Energy and Canada's Ministry of Natural Resources, the establishment of a Saudi-Canadian Coordination Council, and an AI investment and skills development pact.
Canadian Prime Minister Mark Carney met Saudi Crown Prince Mohammed bin Salman in Jeddah, and the two leaders left with a stack of concrete deals. The visit produced 15 signed agreements spanning energy, AI, and financial services — plus a new bilateral coordination council to keep the momentum going Newswire.
The headline deal: Canadian AI company Cohere is partnering with Humain, a firm backed by Saudi Arabia's Public Investment Fund, to deploy at least 50 megawatts of dedicated AI computing capacity. That infrastructure is set to go live by late 2027, with room to expand over five years CanTech Letter.
Cohere and Humain Build Saudi AI Infrastructure
Fifty megawatts is a significant chunk of computing power — roughly enough to run thousands of advanced AI processors at full speed. Cohere will use it to support next-generation AI models inside Saudi Arabia. The partnership gives Cohere a major foothold in the Gulf, and gives Saudi Arabia access to cutting-edge Canadian AI expertise CanTech Letter.
Humain is central to Saudi Arabia's push to build world-class AI infrastructure. It is funded by the Public Investment Fund, the Kingdom's sovereign wealth vehicle. The Cohere deal is one of several AI agreements signed during Carney's visit, which also included a pact on AI investment and skills development Yahoo Finance.
Canada Already Has Deep Roots in the Kingdom
The new deals build on a relationship that is already large. Some 625 Canadian companies operate inside Saudi Arabia today. Thirteen of them have set up regional headquarters there Newswire. That is not a nascent partnership — it is a mature commercial network getting bigger.
Saudi authorities issued nearly 250 investment licenses to Canadian firms last year alone. That figure is double the number from the year before. The sharp rise signals that both governments are actively pushing companies toward each other Yahoo Finance.
Saudi Economy Offers a $1.3 Trillion Opportunity
Saudi officials framed Canada as a key partner in a rapidly growing economy. Saudi GDP has jumped more than 85% since 2017, rising from roughly $720 billion to over $1.3 trillion today. The IMF projects 5.5% growth in 2027 Head Topics. That kind of expansion creates demand for exactly what Canada sells: energy expertise, mining know-how, and technology.
Non-oil activity now accounts for more than half of Saudi GDP — a key milestone for a country built on petroleum. The Investment Forum in Jeddah identified priority sectors for joint work: mining, financial services, data centers, and workforce skills training Newswire.
New Coordination Council to Lock In Long-Term Ties
Beyond individual deals, the two countries created a Saudi-Canadian Coordination Council. Its job is to carry out a Joint Action Document and steer the next phase of the relationship. Think of it as a standing committee designed to stop momentum from fading once leaders fly home CanTech Letter.
Other MOUs signed during the visit include an energy cooperation agreement between Saudi Arabia's Ministry of Energy and Canada's Ministry of Natural Resources. Together, the 15 agreements cover a wide arc — from deep-sea mining to AI talent pipelines. The two governments are clearly trying to turn a diplomatic visit into a lasting economic alliance Yahoo Finance.
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