Iran’s Finance Minister arrives in Saudi Arabia

Finance Minister Ehsan Khandouzi has arrived in Saudi Arabia, becoming the first Iranian official to visit the Arab kingdom following a China-brokered reconciliation agreement between Tehran and Riyadh.

Khandouzi arrived at the airport of Saudi Arabia’s southern city of Jeddah on Thursday and was welcomed by Saudi officials, Islamic Development Bank managers, and members of the Iranian Consulate General in the city.

The Iranian finance minister, who is heading a high-ranking economic delegation, is scheduled to take part in bilateral meetings with Saudi officials and deliver speeches at meetings of the Islamic Development Bank, a Jeddah-based multilateral development finance institution focusing on Islamic finance for infrastructure development.

Khandouzi said last month that Tehran aimed to raise its annual trade with Riyadh to $1 billion in the first step of resuming economic ties.

He said the target was set by the Trade Promotion Organization of Iran (TPO) based on the two countries’ capacities.

SS