Unlocking the Canada-Gulf opportunity in mining and capital markets

The United Arab Emirates (“UAE”) and the Kingdom of Saudi Arabia (“Saudi Arabia”) have rapidly evolved into emerging financial hubs offering diversified pools of institutional capital. Supported by progressive economic reforms and ambitious national transformation agendas, both markets now present compelling opportunities for Canadian public companies, particularly in the energy and mining sectors, to access sovereign wealth and strategic investors in the Gulf Co-operation Council (“GCC”).

As Gulf states accelerate their diversification strategies and position themselves as critical players in the energy transition, Canadian-listed mining and energy companies are increasingly viewed as potential strategic partners. The opportunity for dual or secondary listings in the UAE and broader GCC has never been stronger.

Strengthening Canada – Middle East investment flow

Both the UAE and Saudi Arabia remain among Canada’s most significant trading and investment partners in the Middle East. While the UAE continues to rank as one of Canada’s largest regional investors, Saudi Arabia, in turn, has deepened its economic engagement with Canada through growing investments in technology, infrastructure, and resource development, supported by its Vision 2030 strategy to diversify the economy and expand industrial capacity.

This growing two-way investment flow highlights the potential for deeper integration between Canadian and Gulf capital markets, particularly through dual listings, joint ventures, and sovereign fund partnerships. With both the UAE and Saudi Arabia actively seeking to channel long-term institutional capital into sectors such as critical minerals, clean energy, and industrial technology, there is a unique opportunity for Canadian issuers and investors to participate in these emerging platforms.

Canada remains a global leader in mining exploration, hosting one of the most active capital markets for resource companies worldwide. This reputation gives Canadian mining and energy firms a distinct advantage in partnering with Gulf investors and pursuing international listings. As both the UAE and Saudi Arabia accelerate their mineral wealth strategies, including investments in Africa, Latin America, and the broader Global South, Canadian companies are well-positioned to collaborate on exploration, financing, and production opportunities.

Together, these trends point to a growing Canada–Gulf investment corridor, one that aligns natural resource development with long-term strategic partnerships.

Strategic initiatives and market developments

UAE

The UAE is advancing a comprehensive mineral wealth strategy aimed at securing critical resources to support its industrial diversification and energy transition goals. By leveraging its financial strength, logistics infrastructure, and strategic partnerships, the UAE seeks to establish itself as a leading global hub for mining investment, trading, and supply chain integration.

The UAE has significantly accelerated its global mining investments, employing a mix of equity, debt, and production-linked structures to diversify exposure across commodities and geographies. Several recent transactions illustrate this growing trend which has included investments in TSX and TSXV-listed companies.

We believe that this trend will continue and listing in the Middle East could act as a catalyst to facilitate these strategic opportunities.

Key elements of the mining strategy

Critical minerals: A key pillar of the UAE’s strategy is the acquisition of strategic mining assets, particularly in Africa and Latin America. These efforts are designed to create a UAE-controlled supply chain from exploration through to trading, ensuring long-term access to essential resources required for industrial development and technological growth.

Mining companies: The UAE is expanding its base of mining companies through dedicated free zones and business-friendly regulatory frameworks. These initiatives are attracting international mining firms to establish regional headquarters or redomicile in either the Abu Dhabi Global Market (“ADGM”) or the Dubai International Financial Centre (“DIFC”) financial free zones. There are examples of Canadian public companies which have redomiciled to the ADGM to position themselves to capitalize on these opportunities and mitigate constraints imposed by foreign investment restrictions in other jurisdictions and we expect that this momentum will continue.

Mining concessions: Rather than acting solely as a financial investor, the UAE is also increasingly focused on acquiring direct mining concessions. This approach provides greater control over production and long-term resource security, aligning with national objectives of industrial self-sufficiency and autonomy.

Joint ventures: The formation of joint ventures plays a critical role in the UAE’s mining agenda. These partnerships facilitate collaboration between UAE-based entities and international operators, combining local capital and infrastructure with global mining expertise to advance projects both domestically and abroad.

Logistics capabilities: The UAE’s world-class logistics ecosystem serves as a strategic enabler of the country’s mining ambitions. By securing port concessions and logistics corridors, the UAE is positioning itself as a key transit and processing hub for critical minerals from Africa, Asia, and Latin America.

Saudi Arabia

Saudi Arabia’s Vision 2030 represents a landmark transformation framework aimed at reducing the Kingdom’s dependence on oil and fostering a diversified, sustainable economy. The initiative seeks to stimulate growth across key non-oil sectors, strengthen private sector participation, and establish Saudi Arabia as a leading global investment destination.

Among its strategic pillars, the development of the mining sector stands out as a national priority. Mining has been identified as a key driver of industrial diversification, technological advancement, and the green energy transition. The kingdom’s leadership views mining not only as a source of economic value but also as a critical enabler for high-growth industries such as electric vehicles, renewable energy, and advanced manufacturing.

Mining sector reform and regulatory advancements

A cornerstone of Saudi Arabia’s mining transformation has been the comprehensive overhaul of its mining laws and regulatory framework. The reform marked a significant milestone in creating a more transparent, efficient, and investor-friendly environment.

The updated regulations streamline licensing processes, enhance operational transparency, and provide clearer mechanisms for dispute resolution, key elements that have already begun attracting foreign direct investment into the sector. These reforms have laid the groundwork for increased participation by international mining companies, technology providers, and strategic investors in the Kingdom.

Why the Middle East for a secondary listing

For Canadian public mining and energy companies, a secondary listing in the Gulf on one of the regional stock exchanges offers three key advantages:

Access to deep and strategic capital pools:  The UAE and Saudi Arabia collectively manage over approximately US$3 trillion in sovereign wealth capital through leading funds in Abu Dhabi and Saudi Arabia. These institutions are actively allocating capital to projects aligned with long-term national priorities and they are generally characterized as patient and strategic investors.

Alignment with national transformation agendas: Both nations are driving ambitious diversification and industrialization programs. The UAE is investing heavily in energy transition infrastructure, including LNG, hydrogen, and carbon capture, while expanding access to critical minerals such as copper and lithium. A dual-listed Canadian mining company would not only attract capital but also contribute directly to regional industrial and sustainability goals, opening doors for strategic partnerships, joint ventures, and M&A opportunities.

First-mover advantage: With limited North American peers currently listed in the region, early entrants can establish strong investor recognition and institutional sponsorship. A Gulf listing signals long-term commitment to the region, offering a runway to capital and visibility before the market becomes more competitive.

Dual listing in the UAE or Saudi Arabia represents more than a financing strategy, it is a strategic foothold in one of the world’s fastest-growing regions. By aligning with national priorities and engaging early with sovereign and institutional capital, companies can unlock new sources of growth, partnerships, and market credibility across the Middle East.

For mining companies, especially those with assets in Africa, Asia, or the MENA region, this represents both a capital opportunity and a potential strategic growth opportunity.

DLA Piper and next steps

With an established presence across Canada, the United Arab Emirates, and the Kingdom of Saudi Arabia, DLA Piper is well-positioned to advise on cross-border and capital market strategies.

Whether you are evaluating a dual listing, redomiciliation, or strategic partnership, our Canada–Middle East team can help you design a structure that maximizes opportunity, manages regulatory complexity, and positions your company for long-term success in the region.

To explore how DLA Piper can support your Middle East strategy, please contact the authors: Rajeev (Raj) Dewan and Ishita Kashyap.