Iranian Minister of Financial Affairs and Finance Ehsan Khandouzi arrived within the Saudi port metropolis of Jeddah on Thursday. 

He was welcomed by Saudi officers, Islamic Improvement Financial institution managers, and members of the Iranian Consulate Normal within the metropolis.

The Iranian finance minister, who’s heading a high-ranking financial delegation, is scheduled to participate in bilateral conferences with Saudi officers and ship speeches at conferences of the Islamic Improvement Financial institution, a Jeddah-based multilateral growth finance establishment specializing in Islamic finance for infrastructure growth.

Khandouzi mentioned final month that Tehran aimed to boost its annual commerce with Riyadh to $1 billion in step one of resuming financial ties.

He mentioned the goal was set by the Commerce Promotion Group of Iran (TPO) primarily based on the 2 nations’ capacities.

On March 10, Iran and Saudi Arabia collectively introduced in China their choice to revive diplomatic relations, ending seven years of pressure between the 2 nations.

In an announcement on Wednesday, Iranian International Minister Hossein Amirabdollahian confirmed that the Islamic Republic will quickly dispatch its ambassador to Riyadh.