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The secretary of the Iranian Supreme Council of Free Trade-Industrial and Special Economic Zones, Hojatollah Abdolmaleki, told Sputnik on Monday that Tehran is currently working on the development of special economic zones with Saudi Arabia and the United Arab Emirates, noting that memorandums of understanding on the same have already been signed with Iraq, Syria, and Oman.

"We are developing cooperation in the field of special economic zones with various countries, especially with neighboring ones, including the Arab states. We have already signed a memorandum of understanding with Oman and Iraq. We have also signed a memorandum of understanding with Syria. Now we are negotiating with the UAE and Saudi Arabia on joint cooperation in free economic zones," Abdolmaleki said.  

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Under the auspices of China, Iran, and Saudi Arabia agreed to restore diplomatic relations on March 10. The two countries had their ties severed in 2016 following Saudi Arabia's execution of Sheikh Nimr Baqir al-Nimr.

The agreement to officially restore diplomatic ties was signed at a ceremony on April 6 in Beijing.

The two countries are scheduled to resume direct flights, allow mutual visits by top officials, and foster security collaboration. The collective West has been set back by the China-sponsored peace.

Its "rules-based" world order hangs by a thread, while the US' dollar supremacy wanes.

The blow was hard for Netanyahu, who just a month prior to the Iran-Saudi deal said that "Israel" and Saudi Arabia were planning to join forces on the basis of a common goal of stopping Iran.

While the US failed to fulfill its security commitments towards Saudi Arabia, the country decided to maneuver into a position backed by Chinese guarantees of security.

Read more: Iranian FM meets with Omani counterpart, Yemeni negotiator in Muscat