Saudi finance minister says investments in Iran could happen quickly

Saudi Finance Minister Mohammed Al-Jadaan said Wednesday that the Kingdom’s investments in Iran could happen quickly, especially in the wake of the recent agreement between the two countries.

Iran and Saudi Arabia agreed last week to resume ties after officials of the two countries met in China.

“Saudi investments have an opportunity in Iran,” Al-Jadaan said in his speech during the International Financial Sector forum of Saudi Arabia's sovereign wealth fund, stressing that he does not see “any problems launching such investments.”

“We are committed to the principles of our agreement with Iran. The leadership has made it clear that the region is stable and capable of providing people's needs, investment and prosperity,” the official added.

“Iran is our neighbor and will remain so for hundreds of years to come. I do not see any obstacles to normalizing our relations, especially in the field of investments and economic development,” he said.

Since the United States resumed its sanctions against Iran about seven years ago, Tehran has suffered a decline in the pace of foreign investments, which negatively affected its production of oil, natural gas and derivatives.