JEDDAH: State-backed Saudi funds are seeking to acquire stakes in Canadian mining firms as part of efforts to enhance the Kingdom’s global influence in the sector and diversify its economy beyond oil, said a top minister. During his visit to the North American country, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef asserted that there are no barriers to the Kingdom’s investments in the Canadian mining sector, despite local regulations that restrict investments by foreign state-owned entities, as reported by Al-Arabiya TV channel. In 2023, Saudi Arabia’s non-oil exports to Canada totaled SR140 million ($37.33 million), mainly comprising base metals and plant products. Conversely, non-oil imports from Canada reached SR2.89 billion, including locomotives, pharmaceutical products, and electrical devices. In a post on his X account, Alkhorayef said: “In Toronto, Canada, I met with the Chairman of the Saudi-Canadian Business Council and highlighted the council’s crucial role in enhancing trade relations between the two nations.” He noted that the council serves as a vital platform for connecting private sector leaders and fostering partnerships that leverage shared investment opportunities. The visit, following a similar tour in the US, aims to attract Canadian companies to explore essential minerals such as copper in the Arabian Peninsula. During its stops in Ottawa and Toronto, the Saudi delegation held strategic meetings with government officials and private sector leaders, resulting in memoranda of understanding aimed at advancing the industrial and resource sectors. Alkhorayef commenced his visit with a tour of the Toronto Stock Exchange, where he met with the CEO and representatives from various listed resource companies. Discussions focused on investment opportunities in the sector, underscoring the Kingdom’s potential and the incentives available for investors. Leading the delegation, Alkhorayef explored the latest digital financial technologies in the stock market and met with key global players in the resource and geological survey sectors. He also visited the University of Toronto and institutions dedicated to industrial innovation and capacity development. The Saudi minister participated in a roundtable meeting organized by the Saudi-Canadian Business Council, attended by Ontario’s Lt. Governor Edith Dumont and Associate Minister of Mines Stephen Crawford. The meeting focused on opportunities in the Kingdom’s industrial and resource sectors, as well as the advantages of investing in Saudi Arabia. Additionally, Alkhorayef met with Sebastian Goodfellow, director of the university’s Lassonde Institute of Mining, and interacted with Saudi students studying in Canada. In Ottawa, he held discussions with various government officials, including the Minister of International Development Ahmed Hussen and Minister of Innovation, Science, and Industry François-Philippe Champagne, emphasizing the Kingdom’s commitment to strengthening bilateral relations.