Saudi Arabia’s Finance Minister Mohammed Al-Jadaan said that Saudi Arabia may soon invest in Iran after a breakthrough agreement between the two nations for reestablishing diplomatic ties.
Al-Jadaan said, “When people really stick to the principles of what was agreed, I think that investments into Iran and vice-versa could start very quickly. Our aim and I think this has been made very clear previously by our leadership is to have a region that is stable that is able to provide for its people and prosper. And there is no reason for that not to happen.”
Riyadh and Tehran agreed to re-establish diplomatic relations between them and reopen embassies in each other’s nations after China-led negotiations in Beijing on March 10.
They agreed to respect the sovereignty of each other and not interfere in internal affairs of each other. It is a major step after years of mutual indifference between the two nations.
The Saudi finance minister is optimistic about better relations between the two nations. He said, “Iran is our neighbor, and has been and will continue to be for hundreds of years. So I don’t see any issue that would prevent the 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.”
Both nations have also agreed to abide by the previous cooperation accords; Security Cooperation Agreement 2001 and General Agreement for Cooperation 1998. General Agreement for Cooperation covers cooperation in the fields of trade, economy, technology, sports, culture, science, sports, and youth.
The Saudi Arabia statement announcing the deal said, “The three countries expressed their keenness to exert all efforts towards enhancing regional and international peace and security.”
Investment from Saudi would be a great boon for Iran’s economy.
Al-Jadaan said, “I think, without going into details, I think we recognize clearly that for you to be able to focus on your economic development and focus on providing for the people in your country, you need stability, they need stability. And I think there are a lot of opportunities in Iran, and we provide a lot of opportunities for them, as long as goodwill continues.”