RIYADH: Saudi Arabia could start investing in Iran “very quickly” after they agreed to restore diplomatic relations, the Saudi finance minister said on Wednesday, despite sweeping United States (US) sanctions against the Islamic republic.
Mohammed Al-Jadaan said there were “many opportunities” in Iran and that he could not see any reason to prevent investments between the two Gulf heavyweights.
To a question about how soon the Kingdom could start making “significant” investments in Iran, the Saudi finance minister said that he would say quickly.
Speaking at the Financial Sector Conference in Riyadh, the Saudi minister said that when people really stick to the principles of what was agreed upon, he thinks that Saudi Arabia could invest in Iran very quickly.
In a surprise, Chinese-brokered deal on Friday, Saudi Arabia and Iran agreed to work towards restoring relations and reopening diplomatic missions within 60 days.
US sanctions and Saudi Arabia-Iran deal
Tehran has been under renewed US sanctions since President Donald Trump abandoned a landmark nuclear agreement between Tehran and major powers in 2018.
But Al-Jadaan said: “I see no reason for investments not to take place. Iran is no doubt our neighbour and has been and will continue to be our neighbour for hundreds of years”.
“So I do not see any issue that would prevent the normalization of the relationship across investments as long as we stick to the deal, respecting sovereign rights, not interfering in other affairs.”
He added: “I think that there are many opportunities in Iran, and we provide many opportunities for them.”
