Following an agreement
to reestablish diplomatic ties, investments by Saudi Arabia in Iran might occur
"quite soon," according to Mohammed Al Jadaan, the country's finance
minister.
Despite years of
negotiations between the two nations in Iraq and Oman, a pact to heal relations
was publicly mediated by China last Friday.
“There are numerous
chances in Iran for Saudi investments. As long as the conditions of any
agreement are upheld, we don't see any obstacles,” Mr. Al Jadaan remarked on
Wednesday at the Financial Sector Conference in Riyadh.
The government of
Saudi Arabia said last week that the country's GDP had risen to more than $1
trillion, setting new records amid a rise in oil prices.
International trade
restrictions have harmed Iran's economy for decades; they were only momentarily
lifted as part of a deal between Tehran and foreign powers to rein down its
nuclear programme.
Yet, as the nation's
oil minister Javad Owji noted earlier this month, oil shipments have increased
significantly.
The country brought in
roughly $58 billion in revenue this month, just shy of their expected fiscal
break-even requirement of about $60 billion, according to the International
Energy Agency.
“We have always said
that Iran is our neighbour and that we have no interest in having a conflict
with our neighbours, if they are willing to cooperate,” Mr. Al Jadaan later
stated in an interview with Reuters. “Stability in the region is very
important, for the world and for the countries in the region.”
Concern over Iran's
attempts to arm proxy forces, such as the Houthi rebels in Yemen and Iraqi
militias, has grown among regional nations as well as among the US and its
allies in the west.
As a result, both China
and the US have praised measures to ease tension.
After its embassy in
Tehran was stormed during a dispute between the two nations over Riyadh's
killing of a prominent Shiite Muslim preacher, Saudi Arabia severed ties with
Iran in 2016.
Iran has also been
held responsible by the monarchy for attacks on tankers in Gulf waters as well
as missile and drone strikes on its oil facilities in 2019.
Iran has refuted the
accusations.
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