Saudi Arabia on Monday decided to freeze new trade and investment ties with Canada over its “interference” in the Kingdom's internal affairs.
The Kingdom's national airline Saudia will suspend all flights to and from Toronto from August 13, while the Ministry of Education is working on an “urgent plan” to facilitate the transfer of Saudi-sponsored scholarship students in Canada to other countries.
Canada on Monday said it is “seriously concerned” with Saudi Arabia’s decision to severe new trade ties, and is “seeking clarity” in the diplomatic row.
Following Saudi Arabia’s announcement, Riyadh gave Canadian Ambassador Dennis Horak 24 hours to leave the Kingdom, while recalling its own ambassador home.
Argaam takes a closer look at trade ties and investments between both countries over the years.
1) Canada's imports from Saudi Arabia reached $1.54 billion, while exports were close to $1 billion year-to-date 2018, according to Statistics Canada.
2) Vehicles, aircraft, vessels and associated transport equipment topped Canada's merchandise export list with $770 million year-to-date 2018, followed by sales of machinery and mechanical appliances and electrical equipment worth $69 million and chemical products or allied industries amounting to $25 million.
3) In terms of imports by Canada, the largest share was of mineral products valued at $1.48 billion. Base metals and articles of base metals came second at $46.7 million, and plastic and rubber articles followed at the third position with $4.1 million, Statistics Canada data showed.
4) In 2014, Canada and Saudi Arabia signed a $11.63 billion agreement to export combat vehicles.
5) In June 2016, G3 Global Holdings, the joint venture of Saudi Agricultural and Livestock Investment Co and S agribusiness Bunge, bought 50.1 percent of the former Canadian Wheat Board in 2015 for $194.22 million.
6) Saudi Arabia supplies oil to Irving Oil refinery in Saint John, New Brunswick, Canada’s largest oil refinery. The refinery processes about 320,000 barrels a day, including a third imported from Saudi Arabia.
7) The Saudi government recently awarded the University of Toronto and York University multi-million dollar contracts to provide training to 250 Saudi K-12 educational professionals.
8) The Saudi Industrial Development Fund is part of the Montreal Group, which promotes cooperation, mutual learning and exchange of technical expertise among developments banks.
9) For more than three decades, Canada has trained more than 5,000 Saudi medical and healthcare professionals.
10) An estimated 16,000 Saudi students are studying in various Canadian universities.
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