Saudi Arabia could start pouring investment money into Iran "very quickly" following the reopening of diplomatic relations between the two formerly hostile countries.
This is according to the kingdom's Minister of Finance Mohammed Al-Jadaan, who spoke about investing in Iran during the Financial Sector Conference in Riyadh. He noted that Iran could also make significant investments in Saudi Arabia.
"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," said Al-Jadaan.
This comes after Saudi Arabia and Iran agreed on Friday, March 10, to normalize relations in a deal brokered by China. (Related: Gen. Robert Spalding: America, China have started a new Cold War.)
"When people really stick to the principles of what was agreed, I think that that could happen very quickly," said Al-Jadaan. "Our aim, and I think this has been made very clear previously by our leadership, is to have a region that is stable, that is able to provide for its people, and prosper. And there is no reason for that not to happen."
"Stability in the region is very important, for the world and for the countries in the region, and we have always said that Iran is our neighbor, and we have no interest to have a conflict with our neighbors if they are willing to cooperate," said Al-Jadaan.
Iran's economy and currency have spiraled in recent years under the weight of Western sanctions, government corruption and economic mismanagement. Saudi Arabia, meanwhile, has been investing internationally and launching trillions of dollars worth of mega-projects. Investments from Saudi Arabia would likely be a major boon for Iran's battered economy.
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Saud Arabia, Iran begin process of normalizing relations
Saudi Arabia and Iran agreed to begin the process of normalizing relations on Friday after four days of previously undisclosed talks in China. In the agreement, the two largest Middle Eastern nations by area will resume diplomatic relations and reopen embassies in the other countries within two months.
Ties between the kingdom and the Islamic Republic turned hostile in 2016. This reconciliation, if it lasts, will likely have a reverberating effect throughout the Middle East and the rest of the world.
"Iran is our neighbor, and has been and will continue to be for hundreds of years," said Al-Jadaan. "I don't see any issue that would prevent the normalization of the relationship, cross-investments, etc., as long as we stick to agreements – you know, respecting sovereign rights, not interfering in others' affairs, respecting United Nations conventions and others. So, I don't see any impediments."
The two nations have already signaled their willingness to revive former cooperation accords that cover the fields of trade, economy, sports, technology, science, culture, sports and youth. These include the 2001 Security Cooperation Agreement and the 1998 General Agreement for Cooperation.
Along with reopening formal diplomatic relations, this reconciliation could bring an end to several conflicts in the region that both nations have used as proxy wars in their ongoing cold war, including the Yemeni and Syrian civil wars.
Furthermore, the fact that China was able to broker this groundbreaking deal shows the communist nation's growing influence on the world stage. China presented itself as a neutral third party capable of brokering a fair arrangement between the two.
"It should be a warning to U.S. policymakers: Leave the Middle East and abandon ties with sometimes frustrating, even barbarous, but long-standing allies, and you'll simply be leaving a vacuum for China to fill," warned Jonathan Panikoff, director of the Scowcroft Middle East Security Initiative for the Atlantic Council.
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Watch this clip from the "War Room" as host Steve Bannon speaks to Kash Patel about how the China-brokered Saudi-Iran deal could threaten American sovereignty.
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