Saudi Arabia's Finance Minister Mohammed Al Jadaan has said the kingdom's investments in Iran could happen “very quickly” following an agreement to restore diplomatic ties.
Last Friday, a deal to thaw relations was publicly brokered by China, although talks between the two countries had taken place for several years in Iraq and Oman.
“There are a lot of opportunities for Saudi investments in Iran. We don't see impediments, as long as the terms of any agreement would be respected,” Mr Al Jadaan said during the Financial Sector Conference in Riyadh on Wednesday.
Last week, Saudi Arabia’s government said that the kingdom’s gross domestic product had soared to more than $1 trillion, breaking records amid a surge in oil prices.
Iran’s economy has suffered from decades of international trade sanctions, which were only briefly eased during a deal between Tehran and world powers to curb its nuclear programme.
But the country’s oil exports have surged, said Oil Minister Javad Owji earlier this month.
According to the International Energy Agency, the country bought in about $58 billion in revenue this month, slightly below their estimated budgetary break-even requirement of about $60 billion.
“Stability in the region is very important, for the world and for the countries in the region, and we have always said that Iran is our neighbour and we have no interest to have a conflict with our neighbours, if they are willing to co-operate,” Mr Al Jadaan later told Reuters in an interview.
Countries in the region, as well as the US and western allies, have been increasingly concerned over Iran’s efforts to supply proxy forces with sophisticated arms, including Houthi rebels in Yemen and Iraqi militias.
China and the US have subsequently welcomed efforts to reduce tension.
“We have no reason not to invest in Iran, and we have no reason not to allow them to invest in Saudi Arabia. It is in our interest to make sure that both nations benefit from each others resources and competitive advantage,” Mr Al Jadaan said.
“If they [Iran] are willing to go through this process, then we are more than willing to go through this process and show them they are welcome, and we would be more than happy to participate in their development,” he said.
Saudi Arabia cut ties with Iran in 2016 after its embassy in Tehran was stormed during a dispute between the two countries over Riyadh's execution of a prominent Shiite Muslim cleric.
The kingdom also has blamed Iran for missile and drone attacks on its oil complexes in 2019, as well as attacks on tankers in Gulf waters.
Iran has denied the charges.
Both sides have agreed to reactivate a 2001 security agreement, which covers co-operation in fighting drugs, smuggling and organised crime, as well as another earlier pact on trade, economy and investment.
“Resuming diplomatic relations does not mean we are allies … Diplomatic relations are the norm for Saudi Arabia, and we should have them with everybody,” Mr Al Jadaan said.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
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Youth experience scheme to work, study or volunteer in UK and EU countries
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What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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