Saudi Arabian Finance Minister Mohammed Al Jadaan said Saudi investment in Iran could happen quickly after an agreement to restore diplomatic ties was reached. While the two countries have been negotiating for years in Iraq and Oman, China has publicly brokered a détente agreement.

There are many opportunities for Saudi investment in Iran. We see no obstacles as long as the terms of any agreement are respected, Mr Al Jadaan told a financial sector conference in Riyadh. Saudi Arabia's government says the country's gross domestic product has soared to more than $1 trillion, smashing records amid surging oil prices. Iran's economy has suffered from decades of international trade sanctions that were only briefly eased during Tehran's deal with world powers to curb its nuclear program. But Oil Minister Javad Owji said earlier this month that the country's oil exports had surged.

The country bought about $58 billion in revenue this month, slightly below its estimated budget balance requirement of about $60 billion, according to the International Energy Agency. Stability in the region is very important for the world and countries in the region, we have always said that Iran is our neighbor and we have no interest in conflict with our neighbors if they are willing to operate cooperatively, Mr Al Jadaan said.

Countries in the region, as well as the U.S. and Western allies, have grown increasingly concerned about Iran's efforts to supply proxies with advanced weapons, including Yemen's Houthi rebels and Iraqi militias. China and the United States subsequently welcomed the effort to ease tensions. 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 ensure that both countries benefit from each other's resources and competitive advantages, Mr Al Jadaan said. If Iran is willing to go through the process, then we are very willing to go through the process and show them that they are welcome, we will be very happy to participate in their development.

Saudi Arabia severed ties with Iran in 2016 after the Saudi embassy in Tehran was attacked amid a dispute between the two countries over the execution of a prominent Shia Muslim cleric in Riyadh. The kingdom also blamed Iran for missile and drone attacks on its oil facilities in 2019, as well as attacks on oil tankers in Gulf waters.

Iran has denied the allegations. The two sides have agreed to revive a 2001 security pact that includes cooperation in the fight against drugs, smuggling and organized crime, and another previous trade, economic and investment pact. Restoring diplomatic relations does not mean we are allies Diplomatic relations are the norm in Saudi Arabia and we should have diplomatic relations with everyone, Mr Al Jadaan said.Editor/XingWentao