There are just two car companies in the Top 100 list, Iran Khodro and Saipa Company, and the shares of both are listed on the Tehran Stock Exchange. The difficulty in doing business in the face of the ongoing international sanctions regime is clear from the performance of the two companies over the past year.

They rely heavily on imported parts and materials and both have been forced to cut production in 2012. In addition, both companies have plants in other troubled countries such as Syria. In the face of these problems, their market capitalisations have slipped from around $2.5bn in 2012 to $2.3bn this year, with the value of Iran Khodro remaining only slightly larger.

As a result, they have both fallen by eight places in the list, from 87 to 95 in the case of Iran Khodro and from 88 to 96 in the case of its Saipa.