Friday, June 21, 2024

Saudi Arabia says investments in Iran could happen very quickly following Tehran-Riyadh deal

Saudi Arabia's Finance Minister Mohammed al-Jadaan said on Wednesday that Saudi investments in Iran could happen "very quickly" following an agreement between the two nations.

“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 stated during the first private sector forum of Saudi Arabia’s sovereign wealth fund, the key driver of the domestic economy.

“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 continued.

He added there are a lot of opportunities in Iran and that Saudi Arabia also provides a lot of opportunities for them.

Iran and Saudi Arabia have reached an agreement in the Chinese capital of Beijing to restore their diplomatic relations and re-open embassies and missions within two months, seven years after their ties were broken off over several issues.

The agreement was struck on Friday after several days of intensive negotiations between Secretary of Iran’s Supreme National Security Council (SNSC) Ali Shamkhani and his Saudi counterpart in Beijing. It was officially announced in a joint statement by Iran, Saudi Arabia and China.

The statement was inked by Shakhani, Musaid Al Aiban, Saudi Arabia’s national security adviser, and Wang Yi, the director of the Office of the Central Foreign Affairs Commission of the Chinese Communist Party.

Iran, Saudi Arabia and China expressed their firm determination to make their utmost efforts to promote regional and international peace and security, according to a statement.

Saudi Arabia severed diplomatic relations with Iran in January 2016 after Iranian protesters, enraged by the execution of prominent Shia cleric Sheikh Nimr Baqir al-Nimr by the Saudi government, stormed its embassy in Tehran.

The two sides had held five rounds of negotiations in the Iraqi capital of Baghdad since April 2021.

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