WPP's Kantar signs agreement with Iran's Rahbar Bazaar

To develop its business opportunities and growth in the market, Kantar hopes to take advantage of the easing of sanctions in January after Iran and world powers came to an agreement in July 2015.

Chief executive of Kanta insights Stephen Hillebrand said: "There's been a very high level of interest in Iran among our clients since the easing of the sanctions. With a population of over 80 million people, Iran presents a significant growth opportunity for many of our global clients.

"This agreement heralds Kantar's commitment to help develop new business opportunities for our clients in this important growth market. We look forward to working with Rahbar Bazaar to deepen the service offerings for both Kantar's clients, and Rahbar Bazaar's clients, in Iran."

Rahbar Bazaar co-founder Afshin Vafadar said: "Rahbar Bazaar is excited about affiliating with Kantar in order to address the needs of our local clients and to attract new multinational clients.

“We believe that access to Kantar's global network of market research experts, its proprietary consumer insight and technology tools and its market research 'best practices', together with our dedication, local insights and expertise, along with our young motivated team will make a compelling service offering."

Rahbar Bazaar was set up in 2003 by Vafadar and Azam Alibabaei, and its clients include MCI, Henkel, Unilever, Hayat, and BAT Pars.

Kanta is one of the world’s largest insight, information and consultancy groups, which works across 100 countries and employees 30,000 people.

In the Middle East and Africa, WPP companies, including associates, make over $1bn in revenue and employ around 37,000 people.

Shares in WPP were down 1.10% to 1,612p at 1140 BST.