Saudi Arabia could invest in Iran ‘very quickly’, says minister

Published March 16, 2023
Saudi Minister of State and National Security Adviser Musaed bin Mohammed Al-Aiban, meets the Iranian Rear Admiral Ali Shamkhani, the secretary of the Supreme National Security Council, in Beijing, China, March 10, 2023. — Saudi Press Agency/Handout via Reuters
Saudi Minister of State and National Security Adviser Musaed bin Mohammed Al-Aiban, meets the Iranian Rear Admiral Ali Shamkhani, the secretary of the Supreme National Security Council, in Beijing, China, March 10, 2023. — Saudi Press Agency/Handout via Reuters

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

Opinion

Editorial

Time for dialogue
Updated 24 Jun, 2024

Time for dialogue

If the PML-N and PTI remain mired in mutual acrimony, an ever-widening gap will continue to allow non-political forces to assert themselves.
Property taxes
24 Jun, 2024

Property taxes

ACCORDING to reports in the local media, along with the higher taxes imposed on real estate in the recent budget, ...
Fierce heat
24 Jun, 2024

Fierce heat

CLIMATE change is unfolding as predicted by experts: savage heat, melting glaciers, extreme rainfall, drought, ...
China’s concerns
23 Jun, 2024

China’s concerns

Pakistan has no option but to neutralise militant threat to Chinese projects, as well as address its business and political stability concerns.
War drums
23 Jun, 2024

War drums

If it is foolish enough to launch another war in Lebanon, Tel Aviv will be solely responsible for setting the Middle East on fire.
Balochistan budget
23 Jun, 2024

Balochistan budget

BALOCHISTAN’S Rs955.6bn budget for the fiscal year 2024-25 makes many pledges to the poor citizens of Pakistan’s...