INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Saudi foreign minister to visit Iran on Saturday

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah.
  • This visit follows the agreement reached in March, facilitated by China, which aimed to end the prolonged hostility between the two countries
  • Earlier in June, the foreign ministers of the two countries met in South Africa to discuss plans for the full restoration of relations

Riyadh, Saudi Arabia –  Saudi Arabia’s Foreign Minister, Prince Faisal bin Farhan Al-Saud, is scheduled to visit Tehran on Saturday, according to Iran’s semi-official Tasnim news agency. The visit is seen as a significant step in the ongoing diplomatic efforts between the two countries to mend their strained relations. The foreign minister and his delegation will engage in a series of talks with senior Iranian officials during their visit on June 17.

This visit follows the agreement reached in March, facilitated by China, which aimed to end the prolonged hostility between Iran and Saudi Arabia. The diplomatic rift had created instability in the region, particularly in countries like Yemen, Syria, and Lebanon. As a result of the agreement, Iran officially reopened its embassy in Saudi Arabia on June 7, signifying the commitment to restoring diplomatic ties.

Earlier in June, the foreign ministers of Iran and Saudi Arabia met in South Africa to discuss plans for the full restoration of relations and to explore opportunities for regional and economic cooperation between Tehran and Riyadh. 

The negotiations, which spanned several days and were mediated by China, culminated in the historic deal on March 10, paving the way for the reopening of embassies and missions after seven years of estrangement.

Observers have viewed the recent developments as a positive step towards fostering stability and easing tensions in the region. By improving their relations, Iran and Saudi Arabia aim to counter efforts that seek to divide regional countries. 

The potential for enhanced cooperation between the two nations has drawn attention, as it has the capacity to positively impact a region that has been characterized by turbulence for several decades. The United States and Israel, however, have expressed concerns about this detente, highlighting their dismay at the prospect of a closer relationship between Iran and Saudi Arabia.