Saudi Arabia hopes to subdue Resistance Axis by investing in Iran: Report

News Desk - The Cradle 

The kingdom fears the outbreak of regional war remains a possibility, particularly given Israel’s plans to continue its war in Gaza

Saudi Arabia has offered to invest in Iran’s economy if Tehran agrees to sway its regional allies against intervening in the Gaza-Israel war in support of the Palestinian resistance, Bloomberg reported on 29 November. 

“The proposal has been delivered directly and through multiple means since Hamas’s attack on Israel last month and the ensuing war in Gaza,” the outlet cites informed Arab and western officials as saying. 

The prospect for “deeper engagement” between Tehran and Riyadh on the Gaza situation came up during the first meeting between Saudi Crown Prince Mohamed bin Salman (MbS) and Iranian President Ebrahim Raisi, which was held earlier this month at the joint Arab-Islamic Summit in the Saudi capital. 

“While it’s unclear how seriously Tehran has taken Riyadh’s overtures, so far a regional war’s been averted,” Bloomberg writes. 

However, it notes that Saudi Arabia and its allies still fear that a regional flare-up is possible if Israel resumes its campaign to “eradicate” Hamas in Gaza, which it has vowed to do after the truce agreement ends. 

Qatari and Egyptian officials are currently involved in efforts to extend the truce, which is set to expire on 29 November. 

The alleged Saudi offer comes as Saudi Arabia has also been coordinating closely with the US. 

US Assistant Secretary of State Barbara Leaf said that Washington and Riyadh have been working to prevent Iran from “weaponizing” the conflict “to strengthen its so-called axis of resistance,” according to Bloomberg. 

Since 7 October, Lebanon’s Hezbollah, Yemen’s Ansarallah, and a coalition of Iraqi resistance factions have all jumped into the fighting. 

However, after a truce deal took effect last week, Hezbollah ceased its daily attacks against Israeli sites on the border. The Iraqi resistance has also temporarily suspended its campaign against US military bases in the region. 

Involvement from the Resistance Axis is expected to resume if Israel’s ethnic cleansing campaign in Gaza continues.

Iran and Saudi Arabia signed a historic, Chinese-brokered reconciliation agreement in March to end years of regional tensions between the two countries. However, despite recent strains in their relationship, Saudi-US ties have remained close. 

According to Bloomberg, the kingdom’s “two-pronged approach is giving a rare glimpse into its strategy vis-a-vis Iran after the restoration of diplomatic ties.”