71773
Mohammad Saeedikia
Economy, Domestic Economy

Mostazafan to Relinquish Hotel Business

The Islamic Revolution Mostazafan Foundation will pull out of the hospitality sector and divest its assets, as decreed by the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei, the head of the foundation told IRNA.

“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. 

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.

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