RIYADH (Dispatches) -- Saudi Arabia’s finance minister, Muhammad al-Jadaan, said on Wednesday that Saudi investments into Iran could happen “very quickly” following an agreement.
“There are a lot of opportunities for Saudi investments in Iran. We don’t see impediments as long as the terms of any agreement would be respected,” al-Jadaan said during the Financial Sector Conference in Riyadh.
Asked how soon the world might see the kingdom making significant investments into Iran and vice versa, al-Jadaan replied: “I would say very quickly.”
Iran and Saudi Arabia agreed on Friday to re-establish relations after years of tense relations.
Tehran and Riyadh agreed to resume diplomatic relations and re-open embassies within two months, according to a statement issued by Iran, Saudi Arabia and China, which brokered the deal.
“To focus on your economic development and focus on providing for the people in your country, you need stability, and they (Iran) need both,” al-Jadaan said in Riyadh.
He said there are a lot of opportunities in Iran and that Saudi Arabia also provides a lot of opportunities for them.
“Iran is our neighbor, and has been and will continue to be for hundreds of years,” he said. “So I don’t see any issue that would prevent normalization of the relationship, cross-investments etc., as long as we stick to agreements — you know, respecting sovereign rights, not interfering in others’ affairs, respecting united nation conventions and others. So I don’t see any, really, impediments.”
The countries have additionally agreed that previous cooperation accords — namely a “Security Cooperation Agreement” from 2001 and a “General Agreement for Cooperation” from 1998 covering the fields of trade, economy, sports, technology, science, culture, sports and youth — would be revived.
Saudi Arabia cut diplomatic ties with Iran in 2016, after Iranian protesters stormed the Saudi