The finance ministers of Saudi Arabia and Iran met in Jeddah on Friday, the first such occurrence after the two countries agreed to restore diplomatic relations and reopen missions in their respective countries.

Ehsan Khandouzi and Mohammed Aljadaan met on the margins of the Islamic Development Bank (IsDB) Group's Annual Meetings on Friday.

According to The Saudi Gazette, "The two ministers, who met for the first time in years, discussed opportunities to develop and strengthen relations between Saudi Arabia and Iran."

After seven years of strained ties, Iran and Saudi Arabia agreed to restore diplomatic relations and reopen missions in respective countries after a series of talks brokered in Beijing, China under the auspices of Chinese President Xi Jinping in March.

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Speaking on the sidelines of the international event in Jeddah, Khandouzi lauded the reunion, calling the strengthening of Tehran and Riyadh's commercial links a "win-win" development for the region's governments.

"The agreement, which has taken place through friendly countries' mediation, between Iran and Saudi Arabia will increase trade and investment opportunities between the countries," Khandouzi said.

The Saudi minister indicated in January that the country will examine engaging in international commerce in currencies other than the US dollar.

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"There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal,” AlJadaan explained.

Iran has similarly advocated for the use of local currencies in bilateral economic interactions with friendly nations.