'Saudi investment in Iran could happen very quickly'

Saudi Arabia’s finance minister, Mohammed al-Jadaan, said on Wednesday that Saudi investments into Iran could happen “very quickly” following an agreement.

“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.

Iran and Saudi Arabia agreed on Friday to re-establish relations after years of hostility that had threatened stability and security in the Gulf and helped fuel conflicts in the Middle East from Yemen to Syria.

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.

“To focus on your economic development and focus on providing for the people in your country, you need stability, and they (Iran) need both,” al-Jadaan said in Riyadh.

He said there are a lot of opportunities in Iran and that Saudi Arabia also provides a lot of opportunities for them.