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An analysis of official data shows how top-performing companies are linked to bonyads, the government or both


Among Iran’s top-performing 100 companies, 94 have ownership links to bonyads, the government or both, Tehran Bureau’s review of an annual list published by the Industrial Management Institute shows. 

The names on the list of top performers has remained largely unchanged since 2019, when Tehran Bureau first reported on this topic. All but 6 of these companies are listed as private businesses in publicly available documents. 

  • 47 companies are co-owned by a major bonyad: Astan Qods Razavi (AQR), the IRGC’s Sepah Cooperative Foundation (BTS), the Execution of Imam Khomeini’s Order (EIKO), Bonyad Shahid (BS), or Mostazafan Foundation (BM). 
  • 24 companies are government-owned, as well as a further 12 companies that are owned by the Tamin Social Security Fund. (Tamin is government-owned, but also co-owns companies along with the Armed Forces, BTS and EIKO, among other bonyads.)
  • 12 companies are owned by the Armed Forces, mostly through Ghadir Investment Fund. A private equity fund founded using Bank Saderat assets, Ghadir Investment owns companies in shipping, oil & gas, and various other sectors. 
  • Only 6 companies on the list lacked governmental or bonyad affiliation.

Iran’s Top 100 Companies by Affiliation

This post is also available in: فارسی (Persian)

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