Saudi Arabia May Quickly Begin Investing in Iran, Says Finance Minister

Saudi Arabia May Quickly Begin Investing in Iran, Says Finance Minister

TEHRAN (Tasnim) – Saudi Arabia's Finance Minister Mohammed Al-Jadaan said on Wednesday that the country may soon invest in Iran following a recent agreement to re-establish diplomatic relations.

Speaking to CNBC in Riyadh, Al-Jadaan said that the investments could happen "very quickly" as long as both countries stick to the agreements and respect each other's sovereignty.

Al-Jadaan expressed optimism that both countries will invest in one another soon. “Our aim … is to have a region that is stable… and prosper", said Al-Jadaan.

He stated that the two countries have agreed to respect each other's sovereignty and not interfere in each other’s affairs, and that the renewal of the “Security Cooperation Agreement” and the “General Agreement for Cooperation” was also agreed upon.

“Iran is our neighbor, and has been and will continue to be for hundreds of years,” Al-Jadaan 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.”

Saudi Arabia and Iran have agreed to resume diplomatic relations, reopen embassies, and revive previous cooperation accords.

Saudi Arabia severed diplomatic ties with Iran in 2016, following an attack on the Saudi embassy in Tehran by Iranian demonstrators in response to Saudi authorities killing 47 dissidents, including a major Shiite cleric.

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