It’s On: After Saudis , Bahrain, Sudan and UAE sever ties with IRAN
Bahrain and Sudan have announced they are cutting off diplomatic relations with Iran following the storming of Saudi Arabia’s embassy in Tehran, while the UAE said it was reducing the number of Iranian diplomats in the country.
Bahrain authorities said they have demanded that Iranian diplomats leave the country within 48 hours.
The decision was announced by Bahraini Media Minister Isa al-Hamadi.
“Bahrain decided to break off diplomatic relations with the Islamic Republic of Iran and calls upon all members of the mission to leave the kingdom within 48 hours,” Bahrain state news agency BNA said.
The Sudanese Foreign ministry also announced it is cutting diplomatic ties with Iran.
Saudis set to ‘sell off’ all its stake in IRAN.
Savola, one of the few Saudi companies with a presence in Iran, may be sold in the wake of a diplomatic row between the two countries over the kingdom’s execution of a prominent cleric, a report says.
Iran provided 11% of Savola’s total revenue in the third quarter of 2015 and the company’s revenues for Iran totaled 2 billion riyals ($534 million) in the first nine months of 2015, according to Reuters data.
Even before the fallout, the company was under scrutiny in Iran, with several lawmakers questioning Savola’s perceived monopoly over edible oils business in the country and local producers accusing it of dumping.
The Saudi company owns 80% of shares in Iran’s Behshahr Industrial Company which accounts for 40 percent of the country’s edible oil market.