Following the slow progress since their China-mediated agreement in March to normalize ties, Iran and Saudi Arabia are elevating their engagement. On Nov. 11, President Ebrahim Raisi and Crown Prince Mohammed bin Salman Al Saud (MbS) met for the first time. The session was held in Riyadh, on the sidelines of the Organisation of Islamic Cooperation (OIC) summit on Gaza. Only weeks later, on Nov. 30, the Chief of Staff of the Iranian Armed Forces directly engaged with the Saudi defense minister via telephone.

The stepped-up dialogue notably comes amid the Hamas-Israel war. Already, reports have emerged that the Kingdom has offered investment if the Islamic Republic stops its regional allies from expanding the Gaza war. But Arab, Iranian, and Saudi sources with knowledge of the engagement between Riyadh and Tehran have questioned whether a new offer of investment has been...