Saudi Arabia could invest in Iran 'very quickly' after agreement - minister

Saudi Arabia's Finance Minister Mohammed Al-Jadaan said on Wednesday that Saudi investments into Iran could happen "very quickly" following an agreement to restore diplomatic ties.

"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 diplomatic 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.

"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," Al-Jadaan later told Reuters in an interview.

Embassies to re-open in coming months

Tehran and Riyadh agreed to re-open embassies within two months, according to a statement issued by Iran, Saudi Arabia, and China, which brokered the deal.

"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 make sure that both nations benefit from each others resources and competitive advantage," Al-Jadaan told Reuters.

"If they (Iran) are willing to go through this process, then we are more than willing to go through this process and show them they are welcome and we would be more than happy to participate in their development," he said.

He said there were a lot of opportunities in Iran and that Saudi Arabia also provided a lot of opportunities for Iran.