Part of delegation meeting companies to discuss investment opportunities
“I have no reason to believe there will be an issue,” Minister Bandar Alkhorayef said in a Monday interview in Toronto, where he’s part of a Saudi delegation meeting with Canadian mining companies to discuss investment opportunities.
The minister of industry and mineral resources said he expects Saudi’s state-backed funds to buy stakes in Canadian metals businesses as the Middle Eastern kingdom expands its influence in the global mining industry. Canada’s rules targeting certain foreign investors won’t get in the way, he said.
The tougher stance has thwarted some efforts by Chinese state-backed firms to invest in Canadian companies, though it didn’t prevent two Saudi entities from buying a 10 per cent stake in Vale SA’s base metals unit, which operates Canada’s largest nickel mines.
The Saudi delegation plans to meet with government officials in Ottawa including Industry Minister Francois-Philippe Champagne and Natural Resources Minister Jonathan Wilkinson, Alkhorayef said.
Canada-Saudi Arabia relations have been on the mend since a diplomatic feud broke out in 2018, when the Saudis expelled Canada’s ambassador after the Canadians criticized the kingdom’s record on human rights.