Saudi Finance Minister Mohammed Al-Jadaan announced on Wednesday that his country's investments in Iran may start "quickly", after the two regional powers agreed to resume their relations, ending a rift that had lasted for years.

Al-Jadaan said at the "Financial Sector Conference 2023" held in Riyadh, in response to a question about upcoming Saudi investments in Iran, "This could happen quickly. If what was agreed upon was adhered to, I think something could happen quickly."

He continued, "There is no reason to prevent this. Iran is our neighbor and has been and will remain so for hundreds of years. Therefore, I do not see any problem that would prevent the normalization of the relationship through investments (...) as long as we abide by the agreement, respect sovereignty, and do not interfere in each other's affairs."

On Friday, Iran and Saudi Arabia announced the resumption of their diplomatic relations, severed since 2016, within two months, following negotiations hosted by China, in a move that may involve major regional diplomatic changes.

Relations were severed when Iranian protesters attacked Saudi diplomatic missions in Iran after the kingdom executed an opposition Shiite cleric named Nimr al-Nimr.

The Islamic Republic and Saudi Arabia are the two most prominent regional powers in the Gulf, and they are on opposite sides in most regional files, most notably the conflict in Yemen, where Riyadh leads a military coalition in support of the internationally recognized government, and accuses Tehran of supporting the Houthis, who control large areas in the north of the country, most notably Sanaa.

It is noteworthy that the United States imposes sanctions on Iran over its nuclear program and prevents foreign countries and companies from dealing with the Islamic Republic in an attempt to strangle it economically, and these are sanctions that Riyadh has always supported.

"I think there are a lot of opportunities in Iran, and we also provide a lot of opportunities for them," Al-Jadaan said during the conference.