LONDON (WSJ) — Officials from Tehran’s bourse are set to travel to London next week, people familiar with the matter said, courting Europe’s premier financial center amid a detente between Iran and the West.
The move by the Tehran Stock Exchange is the latest attempt by Iran to attract investment to its embattled economy following an interim nuclear agreement with six world powers in November.
Amir Hossein Erza, the vice chairman of the bourse, and Hassan Ghalibaf Asl, its chief executive, are among a string of financial executives and listed companies due to meet financial professionals at various events in the City of London, the UK capital’s financial district, the people said.
An official at the bourse confirmed the planned London visit by the TSE delegation. But another person familiar with events said the list of the Iranian visitors had yet to be finalized.
In recent years, Iranian investors have flocked to Tehran’s stock exchange, which is one of the largest financial centers in the Middle East. The market has been further buoyed by the interim nuclear deal with the West, rising 130% in 2013.
Yet Iran’s financial sector is among the most heavily targeted by international restrictions on the country, making it virtually impossible for Western banks to invest there until sanctions are lifted permanently.