Iran, Saudi Arabia Sign Economic, Banking Agreement
Iran and Saudi Arabia signed on Monday a watershed agreement to boost their bilateral ties in economic and banking fields, Iranian officials said.
Officials at the Bank-e Saderat-e Iran said a top Saudi delegation had held talks with the Iranian officials, and that the two sides had agreed on expanding ties in these fields, reported the official Iranian news agency (IRNA).
The Saudi delegation is also in Tehran to discuss a plan with the Iranian authorities to set up a joint Iranian-Saudi Arabian bank.
Tehran and Riyadh have upgraded their relations in various fields.
Last April, they signed a long-awaited security accord to cooperate on the fight against crime, terrorism and money laundering, and surveillance of borders and territorial waters.
The agreement was signed by Iran's Interior Minister Abdulvahed Moussavi Lari and his visiting Saudi counterpart Prince Prince Nayef Ibn Adb Al-Aziz.
Iran and Saudi Arabia broke off relations in 1988, a year after Iranian Muslim pilgrims in Mecca clashed with Saudi police during an anti-US protest leaving more than 400 dead.
Ties were renewed in 1991 and relations between the two countries have warmed since the 1997 election of Iranian President Mohammad Khatami, who paid a landmark visit to the kingdom in May 1999 – Albawaba.com
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