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Saudi may sell firm’s stake in Iran

Saudi may sell firm’s stake in Iran

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Date: 4 January 2016 18:47

Savola, one of the few Saudi companies with a presence in Iran, may be sold; it has edible oil factories in Tehran.

Iran provided 11 percent of its total revenue in the third quarter of 2015 and the company's revenues for Iran totalled 2 billion riyals ($534 million) in the first nine months of 2015, according to Reuters data.

The United Arab Emirates and Iran have close economic ties; the UAE is Iran's fourth largest trading partner and the International Monetary Fund has estimated the lifting of economic sanctions on Iran early this year could add 1 percentage point to the UAE's gross domestic product growth between 2016 and 2018, simply by boosting non-hydrocarbon exports.

Dubai, with its sophisticated trading infrastructure, could grab most of that benefit - but any benefit could be reduced or delayed by politics. UAE port operator Dubai World is one stock that has risen in recent months on hopes for Iranian business.

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