Saudi might start investing in Iran 'quickly' after thaw: Riyadh
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Saudi Arabia's Finance Minister says his country might kickstart investments in Iran very soon following the recent rapprochement between the two countries.
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Saudi Arabia's Finance Minister Mohammed Al-Jadaan attends the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia, July 15, 2022 (AP)
Saudi investments in Iran might take place very swiftly after the rapprochement agreement between the two countries, Saudi Finance Minister Mohammed Al-Jadaan said Wednesday.
There are many investment opportunities for Saudi Arabia in Iran and there are no obstacles to the dealings as long as all clauses of any agreement are respected, Al-Jadaan underlined during his address at the onset of the Financial Sector Conference.
Al-Jadaan said Riyadh's goal was regional security and self-sufficiency, as well as the region's ability to flourish.
"Iran is a neighboring country, and it will be so for hundreds of years to come. I do not see any obstacles to normalizing relations and investments so long as we are committed to the principles of the agreement and respectful of [each other's] sovereignty without interfering in [each other's] internal affairs," the Saudi finance minister stressed.
Furthermore, Al-Jadaan underlined the necessity of respecting all UN charters and agreements, as well as stability, for regional states to be able to focus on economic development and fulfill their commitments toward their people.
فيديو | حديث وزير المالية محمد الجدعان عن فرص الاستثمار مع إيران بعد تطبيق اتفاق عودة العلاقات#مؤتمر_القطاع_المالي_الدولي#الإخبارية pic.twitter.com/ZpcVObMzCd
— قناة الإخبارية (@alekhbariyatv) March 15, 2023
During his statement, Al-Jadaan underlined that the profits of the Saudi banking sector amount to 3.6 trillion Saudi riyals by the end of 2022, a 37% increase from 2019.
Furthermore, he underlined that what happened to the Silicon Valley Bank serves as an important lesson to the global financial sector.
Jadaan's statements follow the recent rapprochement that took place as place of the China-sponsored landmark deal between Iran and Saudi Arabia.
The two countries agreed to restore diplomatic relations and re-open their embassies following a series of talks brokered in Beijing, China under the auspices of Chinese President Xi Jinping on Friday.
The Saudi leadership expressed hope that the positive discussion with Iran will continue in light of the Chinese-sponsored agreement which was struck last week.
The Saudi cabinet, headed by Saudi King Salman bin Abdulaziz Al Saud, chaired a meeting that was held in Riyadh, during which they reviewed the agreement.
The cabinet also aspired that the agreement will benefit Saudi Arabia, Iran, and the region, as well as help to maintain regional and international peace and security.
Simultaneously, several Arab countries reflected their views on the re-establishment of diplomatic ties between Iran and Saudi Arabia, most notably the UAE, Egypt, and Qatar. The countries touched on the subject by expressing hope for the future.
Read next: Arab states welcome rapprochement between Iran and Saudi Arabia
