Saudi Arabia is open to finding a “mutual understanding” with Iran to stabilise the region, its foreign minister said on Saturday. But Prince Faisal bin Farhan repeated previous Saudi demands for Iran to acknowledge what Riyadh regards as its destabilising regional policies. He hinted that back channels over the past year had achieved little change in the relations between the two countries. “There is actually one party in the region that is contributing to the instability,” Prince Faisal told the Munich Security Conference. He did not rule out the possibility of direct talks with Iran, although he signalled that the chances were low. “There are no direct contacts as of yet but this is not the point. The point is, what are the basis for any contacts and talks?” Prince Faisal said. “If we are going to talk past each other there is no point. Can we find at least a mutual understanding on what is the cause of the instability?"