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Saudi Arabia Extends 2018 Deposit at Yemen Central Bank, Pays Final Installment

A view of the coastal area of Aden, Yemen September 4, 2018. Picture taken September 4, 2018. (Reuters)
A view of the coastal area of Aden, Yemen September 4, 2018. Picture taken September 4, 2018. (Reuters)
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Saudi Arabia Extends 2018 Deposit at Yemen Central Bank, Pays Final Installment

A view of the coastal area of Aden, Yemen September 4, 2018. Picture taken September 4, 2018. (Reuters)
A view of the coastal area of Aden, Yemen September 4, 2018. Picture taken September 4, 2018. (Reuters)

Saudi Arabia on Monday extended a deposit it gave the central bank of Yemen's legitimate government in 2018, and agreed to pay the final installment of the promised $2 billion, the central bank and Saudi ambassador to Yemen said.

The Saudi finance ministry said the 2018 deposit duration would be extended and this would support Yemen's currency and economic situation.

The central bank, now based in Aden which is the interim headquarters of Yemen's government, said the final installment which would be paid amounted to $174 million.

Saudi Arabia last month said it would arrange a new support package of $3 billion for Yemen's economy: $2 billion from Riyadh and another $1 billion from the United Arab Emirates, also part of the coalition.

Riyadh's ambassador to Yemen Mohammed al-Jaber said on Twitter governance and technical discussions were taking place about a new $2 billion deposit that would come from the UAE and Saudi money.

The conflict has caused a serious devaluation of Yemen's currency and a shortage of foreign reserves, and has created what that United Nations calls the world's largest humanitarian crisis.

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Iranian Official to Asharq Al-Awsat: Committed to Peace and Stability with Saudi Arabia

Iranian Deputy Foreign Minister Majid Takht Ravanchi (Reuters)
Iranian Deputy Foreign Minister Majid Takht Ravanchi (Reuters)
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Iranian Official to Asharq Al-Awsat: Committed to Peace and Stability with Saudi Arabia

Iranian Deputy Foreign Minister Majid Takht Ravanchi (Reuters)
Iranian Deputy Foreign Minister Majid Takht Ravanchi (Reuters)

Iranian Deputy Foreign Minister Majid Takht Ravanchi reaffirmed Iran and Saudi Arabia’s mutual determination to establish lasting peace and stability in the region.
Speaking to Asharq Al-Awsat during his visit to Riyadh, Ravanchi emphasized that achieving this goal requires sustained bilateral and regional cooperation to address current threats and build a foundation for prosperity and security.
During his meetings with the Saudi Vice Minister of Foreign Affairs, Eng. Waleed ElKhereiji, Ravanchi discussed strengthening bilateral relations in political, economic, and consular fields, and explored key regional and international issues.
He described Saudi-Iranian efforts as a “successful model of bilateral and multilateral cooperation,” aimed at fostering peace, security, and development on both regional and international levels. Ravanchi underscored the importance of historical ties and the principle of good neighborliness as the basis for advancing this relationship.
Following the second meeting of the Saudi-Chinese-Iranian trilateral committee in Riyadh, both Saudi Arabia and Iran reiterated their full commitment to implementing the Beijing Agreement, according to a statement by the Saudi foreign ministry. The accord, mediated by China, aims to restore diplomatic ties and promote mutual respect for sovereignty and security in accordance with the principles of the UN Charter, the Organization of Islamic Cooperation (OIC), and international law.
China praised the progress achieved since the agreement’s signing, including the reopening of embassies and increased bilateral engagement. It pledged to continue supporting Saudi-Iranian efforts to deepen their cooperation and maintain regional stability.
Ravanchi, who previously served as Iran’s ambassador to the United Nations and was a member of the Iranian nuclear negotiating team with the P5+1, described the atmosphere of the meetings as “cordial and transparent.” He added that the three nations exchanged views on topics of mutual interest and stressed the importance of continuing this “positive and forward-looking process.” He also revealed “constructive and friendly” meetings held by the Iranian delegation with their Saudi hosts and Chinese counterparts, during which they discussed enhancing bilateral and trilateral cooperation and reviewed developments in relations over the past year.
One significant development has been the improvement in consular services. Over 87,000 Iranian pilgrims performed Hajj, and more than 52,000 completed Umrah in the past year, demonstrating enhanced coordination. Additionally, the first meeting of the Saudi-Iranian Joint Media Committee and the signing of an MoU between Saudi Arabia’s Prince Saud Al-Faisal Institute for Diplomatic Studies and Iran’s Institute for Political and International Studies further strengthened institutional ties.
The trilateral meeting also tackled pressing regional challenges, particularly the Israeli-Palestinian conflict. The participants condemned Israel’s aggression in Palestine, Lebanon, and Iran, calling for an immediate cessation of hostilities and the continuation of humanitarian aid to affected regions. They warned that ongoing violence poses significant risks to regional and global security, including threats to maritime safety.
On Yemen, the parties reiterated their support for a comprehensive political solution under United Nations auspices. They emphasized the importance of dialogue and diplomacy to achieve lasting peace in the war-torn country.
Saudi-Iranian relations have undergone a remarkable transformation since the signing of the Beijing Agreement. The reopening of embassies, including Iran’s embassy in Riyadh in June after a seven-year hiatus, marked a turning point in their ties.
Iranian Deputy Foreign Minister for Consular Affairs Alireza Bigdeli described the day as a “historic milestone” in Saudi-Iranian relations. He expressed confidence that the renewed relationship would reach its peak, emphasizing that the restoration of ties between Iran and Saudi Arabia opens a new chapter in bilateral and regional relations, aimed at greater cooperation and stability.