Turkey’s economic strategy in the Middle East has mainly been export-oriented, coupled with its ambitious diplomatic regional agenda. SMEs known as ‘’Anatolian Tigers’’ have been instrumental for this strategy. Nevertheless, the EU remains its primary trade partner.

Iran’s economic strategy in the Middle East has mainly been directed by oil and gas industry. In this sense, the most influential actors are the NIOC and IRGC-controlled businesses within Iran and various foreign gas and oil companies abroad. The main competitor has been Saudi Arabia, supported by other Sunni monarchies except Qatar as well as the US. On the other hand, relatively good and business-oriented ties exist with China, Qatar, and Russia. Furthermore, Iran’s economic strategy has largely been determined by Western-imposed sanctions, thus giving a significant power to non-petroleum businesses with domestic charitable trusts (bonyads), bazaaris, and black market being of high importance for the country’s general economic strategy. Being isolated by many Western actors, Iran’s main economic partners have become Asian countries such as China, India, Japan, and South Korea – all being important mostly because of gas and oil exports.