Saudi Arabia could start making investments in Iran “very quickly” afterthey agreed to restore diplomatic ties, the Saudi finance minister said onWednesday, despite sweeping US sanctions against the Islamic republic.
Mohammed Al-Jadaan said there were “a lot of opportunities” in Iran andthat he couldn’t see any reason to prevent investments taking place betweenthe two Gulf heavyweights.
“I would say quickly,” he told the Financial Sector Conference in Riyadh,when asked how soon Saudi Arabia could start making “significant”investments in Iran.
“When people really stick to the principles of what was agreed, I thinkthat that could happen very quickly.”
In a surprise, Chinese-brokered announcement on Friday, Saudi Arabia andIran agreed to work towards restoring ties and reopening diplomaticmissions within two months.
The oil-rich rivals, who are on opposing sides in conflicts across theMiddle East, severed relations in 2016 after Saudi’s execution of a Shiitecleric triggered violent protests.
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Iran has been under renewed US sanctions since then president Donald Trumpabandoned a landmark nuclear agreement between Tehran and major powers in2018. Saudi Arabia, a longtime US ally, has said it supports the sanctions,which target key areas, including oil.
But Al-Jadaan said: “There is no reason for (investments) not to happen. Imean, Iran is our neighbour and has been and will continue to be forhundreds of years.
“So I don’t see any issue that would prevent the normalisation of therelationship across investments… as long as we stick to the agreement,you know, respecting sovereign rights, not interfering in other affairs.”
He added: “I think that there are a lot of opportunities in Iran, and weprovide a lot of opportunities for them.” -APP/AFP
