Saudi, Iran ‘great investment’ can happen ‘very quickly,’ says minister

Al-Jadaan stated the same during the financial sector conference held in its second edition on Wednesday, in Riyadh. He also added that Saudi investments in Iran can happen “very quickly,” according to a report by Asharq Business.

The two countries arrived to an agreement five days ago, with the deal including the approval of the resumption of diplomatic relations between them and the reopening of their embassies and representations within a maximum period of two months.

They also agreed to activate the cooperation agreement in the field of economy, trade and investment.

“Iran is a neighboring country, and I do not see any obstacles preventing the normalisation of relations and the development of investments with it, and we and they need stability, and there are many economic opportunities that exist for both parties,” the minister said.

Al-Jadaan also noted that Egypt has promising potentials, such as population, resources and capabilities. “They may face some difficulties, but they have all it takes to be a great economic country.”

Last year, Saudi Arabia pledged $15 billion to support Egypt, including $5 billion as a deposit in the Central Bank.

This was renewed in November for an additional year, with $10 billion to be invested in Egypt through the acquisition of stakes of companies listed on the Cairo Stock Exchange.

The Saudi Minister of Finance also shed light on a number of achievements in the kingdom’s economy in recent years, especially since the launch of ‘Vision 2030’ in 2016.

He added that the Vision 2030 initiative has further doubled economic sectors during that period. Non-oil revenues doubled from 10 percent at the launch of the vision to 35 percent today, the minister added.

As per a Reuters report, Tehran and Riyadh agreed to resume diplomatic relations and re-open embassies within two months, according to a statement issued by Iran, Saudi Arabia and China, which brokered the deal.