RIYADH: Saudi Arabia could start making investments in Iran “very quickly” after they agreed to restore diplomatic ties, the Saudi finance minister said on Wednesday, despite sweeping US sanctions against Tehran.

Mohammed Al Jadaan said there were “a lot of opportunities” in Iran and that he could not see any reason to prevent investments from taking place between the two Gulf heavyweights.

“I would say quickly,” he told the Financial Sector Conference in Riyadh, when asked how soon Saudi Arabia could start making “significant” investments in Iran. “When people really stick to the principles of what was agreed, I think that could happen very quickly.”

In a surprise, Chinese-brokered announcement on Friday, Saudi Arabia and Iran agreed to work towards restoring ties and reopening diplomatic missions within two months.

The oil-rich rivals, who are on opposing sides in conflicts across the Middle East, severed relations in 2016 after Saudi Arabia executed a Shia leader, triggering violent protests.

Published in Dawn, March 16th, 2023