Domestic Economy

Riyadh Could Invest in Iran 'Very Quickly’: Saudi Minister

Riyadh Could Invest in Iran 'Very Quickly’: Saudi Minister
Riyadh Could Invest in Iran 'Very Quickly’: Saudi Minister

Saudi Arabia's Finance Minister Mohammed Al-Jadaan says Saudi investments into Iran could happen "very quickly" following an agreement to restore diplomatic ties.
"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," Al-Jadaan said during the Financial Sector Conference in Riyadh, Reuters reported.
Iran and Saudi Arabia agreed last month to reestablish relations and reopen embassies within two months after years of hostility, following talks in China.
Later, in an interview with Reuters, Al Jadaan added, "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 other's resources and competitive advantage."
"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.



Resumption of Flights

The Civil Aviation Organization of Iran has announced that work is underway to resume flights with Saudi Arabia, following an agreement between Tehran and Riyadh to restore bilateral ties, Middle East Monitor reported.
This came in statements made by the spokesperson of the Civil Aviation Organization of Iran, Jafar Yazerlou.
Yazerlou said after reviewing resuming flights with Saudi Arabia, the necessary and official permits for these flights will be issued, and flights will be established between the two countries.
Iran and Saudi Arabia announced last month that they will resume diplomatic relations in two months. The agreement followed negotiations hosted by China.
Relations between Riyadh and Tehran were severed in 2016 when Iranian protesters attacked the Saudi diplomatic missions in Iran after the kingdom executed an opposition Shia cleric. Other Persian Gulf states, including Bahrain, the UAE and Kuwait, subsequently cut ties with Iran in a show of solidarity with Saudi Arabia.

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