Saudi foreign minister says he ‘has no details’ on Gulf-backed fund for Iran reconstruction

Saudi Foreign Minister Prince Faisal bin Farhan said Thursday he “has no details” about creating a Gulf-backed fund for the reconstruction of Iran under a recently signed memorandum of understanding between Tehran and Washington.

“I have no details,” bin Farhan told the Saudi broadcaster Al Hadath when asked about a provision in the US-Iran deal on the creation of a $300 billion Gulf-backed fund for Iran’s reconstruction.

On Wednesday evening, US President Donald Trump and Iranian President Masoud Pezeshkian electronically signed a 14-point memorandum aimed at paving the way for ending the war launched by Washington and Tel Aviv against Iran on Feb. 28.

An article in the document calls for the US, in cooperation with regional partners, to develop a definitive, mutually agreed reconstruction and economic development plan for Iran valued at a minimum of $300 billion.

US Vice President JD Vance told CBS News on Monday that Iran could gain access to a $300 billion reconstruction fund through Gulf states, but only if it dismantles its nuclear program.

Asked about relations with Tehran, the Saudi foreign minister said, “We were at the beginning of the process of building our relationship with Iran as a result of the Beijing agreement, which had only just begun to gain momentum.”

“I believe we have moved backward since then, and trust must be rebuilt before discussing any type of economic cooperation with Iran,” he added.

Saudi Arabia and Iran restored their diplomatic ties in September 2023 after a 7-year hiatus, following a March 2023 agreement brokered by China.

Relations, however, have strained following the outbreak of the US-Israeli war on Iran, during which Tehran fired volleys of missiles and drones at Gulf countries hosting US military assets, including Saudi Arabia.