Iran's finance minister meets with his Saudi counterpart in the kingdom's port city of Jeddah in the first such development to follow the conclusion of a d�tente between the countries under China's auspices.

The meeting took place on Friday between Ehsan Khandouzi and Mohammed Aljadaan on the sidelines of the Islamic Development Bank (IsDB) Group�s Annual Meetings.

"The two ministers, who met for the first time in years, discussed opportunities to develop and strengthen relations between Saudi Arabia and Iran," the�Saudi Gazette�English-language daily reported.

Saudi Arabia severed its diplomatic relations with Iran in January 2016 after angry protesters stormed the kingdom's embassy in Tehran. The Iran protests�were caused by Riyadh's execution of prominent Shia cleric Sheikh Nimr Baqir al-Nimr.

Starting in 2021, however, the two sides held five rounds of negotiations in the Iraqi capital of Baghdad. Back in March this year, they clinched a d�tente deal after several days of intensive negotiations hosted by China. The agreement obliged the two to restore their diplomatic relations and re-open embassies within two months.

Several Iranian and Saudi officials have hailed the rapprochement as a source of benefit for not only the two countries but also the entire region.

Speaking on the sidelines of the multinational event in Jeddah, Khandouzi likewise praised the reconciliation, describing the expansion of Tehran and Riyadh's economic relations as a "win-win" development, which stands to benefit the countries of the region.

By Press TV