"Saudi Proposes to Iran to Prevent War Escalation in Exchange for Economic Investment"

Bloomberg, Citing Sources
"Bin Salman Directly Mentioned During Meeting with Iranian President"

As Israel and the Palestinian armed faction Hamas discuss extending the ceasefire, Saudi Arabia has proposed to Iran that, in exchange for economic investment, it help prevent the war in the Gaza Strip from escalating, Bloomberg reported on the 29th (local time), citing multiple sources.

According to the report, Saudi Arabia has conveyed this proposal to Iran directly or indirectly since the war between Israel and Hamas began last month. It is interpreted as an offer to invest in Iran, which has supported Hamas, to help resolve its economic difficulties caused by sanctions if Iran actively participates in resolving the situation.

Crown Prince Mohammed bin Salman of Saudi Arabia (left in the photo) and President Ebrahim Raisi of Iran [Image source=AFP Yonhap News]

In particular, Crown Prince Mohammed bin Salman is said to have conveyed this intention directly during a meeting with Iranian President Ebrahim Raisi on the 11th. This meeting was notable as it marked the first visit by an Iranian leader to Saudi Arabia in 10 years, and bin Salman’s first foreign meeting after Hamas’s airstrikes was with Iran.

It remains unclear how seriously Iran has taken Saudi Arabia’s proposal, but Bloomberg reported that so far the region has avoided a wider war.

Sunni Islam’s leading country Saudi Arabia and Shia Islam’s leader Iran have been in conflict in the Middle East for over 1,400 years. The two countries, long considered regional “archrivals,” restored diplomatic relations and engaged in dialogue starting in March this year, maintaining a reconciliation mood. In response to the current war, they jointly condemned Israel strongly and issued public messages calling for an immediate ceasefire.

While negotiating with Iran, Saudi Arabia appears to be simultaneously strengthening diplomatic ties with existing allies such as the United States. Earlier, U.S. Deputy Secretary of State Barbara Leaf stated that Saudi Arabia, the U.S., and other Middle Eastern countries are discussing ways to prevent Iran from weaponizing this conflict.

Iran strongly condemns Israel and opposes the “two-state solution” advocated by the Joe Biden administration. It also demands the complete withdrawal of U.S. troops stationed in the Middle East.

A Saudi official familiar with high-level talks said that Crown Prince bin Salman’s focus is on easing tensions with Iran. While discussing economic support, bin Salman and Saudi officials reportedly expressed concerns about Iran’s backing of armed groups within the Arab world.

Saudi Arabia’s dual approach toward Iran is considered unusual. One reason for the d?tente between Saudi Arabia and Iran in March was linked to bin Salman’s economic vision, “Vision 2030,” and recent investment proposals are also seen as connected to this.

Elham Fakro, a researcher at the Arab-Islamic Studies Institute at the University of Exeter in the UK, said, “Saudi Arabia is adopting a strategy that emphasizes diplomacy rather than a military approach,” calling it “an evolved form” of engagement.

This content was produced with the assistance of AI translation services.