Al Zayani Investments chairman and American Chamber of Commerce (AmCham) in Bahrain president Khalid Al Zayani said it was time to invite Iran to share in the prosperity of the Gulf during an unprecedented economic boom.
"They are across the water from us and we cannot ignore them and act like an ostrich - hiding our head in the sand and thinking that there is no neighbour across the water," he told the GDN on the first day of the Manama Dialogue.
By MARK SUMMERS
THE Gulf states should start making serious economic investments in Iran in a bid to ensure the stability of the region is in the interests of its neighbour, according to a leading Bahraini businessman.
Al Zayani Investments chairman and American Chamber of Commerce (AmCham) in Bahrain president Khalid Al Zayani said it was time to invite Iran to share in the prosperity of the Gulf during an unprecedented economic boom.
"They are across the water from us and we cannot ignore them and act like an ostrich - hiding our head in the sand and thinking that there is no neighbour across the water," he told the GDN on the first day of the Manama Dialogue.
"We must engage with them in my opinion economically and get them tied to us in a different form which will lead to long-term stability.
"We live in the same region and Iran is our neighbour whether we like it or not.
"It is on our doorstep and if we continue with this attitude of wariness towards Iran, it is not really in the interests of the Gulf states in the long-run."
Mr Al Zayani had earlier publicly asked the US Defence Secretary whether boosting economic involvement with Iran could bring the country in from the cold.
Mr Gates replied that existing large investments from nations such as Russia, China and France have so far failed to temper Iran's behaviour, but Mr Al Zayani is adamant efforts should be made to engage with Tehran.
"The US is very far away. We are right here. If you take a boat out of Bahrain in one hour you are in Iranian waters. So maybe we should think out of the box and involve them in the wealth and prosperity that we are enjoying in this part of the world," he said.
"Maybe we should invest in Iran, maybe let them join us in joint ventures and other projects that will involve them economically and that will reduce the political rhetoric. If they have vested interests in our country, they will have another aim - the aim of being part of this wealth creation."
Mr Al Zayani said there was no conflict of interests in being close to both the US and Iran, and said a recent gas deal signed between Bahrain and Iran was a step in the right direction.
"Start one or two projects and if they fail then alright, we have lost one or two ventures, but let us give it a try. Once they see the results, it could stabilise them within the Gulf.
The international community has done it with North Korea, and North Korea is a lot worse than Iran," he said.
