“The foundation owns more than 20 hotels and is planning to sell them through the stock exchange market,” Mohammad Saeedikia added.
Established in 1979, Mostazafan Foundation is the second-largest commercial enterprise in Iran and the biggest holding company in the Middle East. It accounts for 1.5% of Iran’s gross domestic product, in Saeedikia’s words.
According to his remarks made in late 2016, the foundation’s revenues stood at 169 trillion rials ($4.22 billion) in the eight months of the last Iranian year (March 2016-17), about 8% more than the previous year’s corresponding period, Financial Tribune reported.
Saeedikia put the total value of foundation’s projects at 160 trillion rials ($4 billion) and said plans are afoot to increase the figure to 250 trillion rials ($6.25 billion) in the next three years.