The overall number of projects in Iran which have drawn foreign direct investment is expected to increase by over six times by March, a senior official said in a report.

Once the contracts between Iranian and foreign firms are finalised, the Islamic Republic will attract $10 billion to $12 billion in foreign investments, Feriyal Mostofi, a member of Chamber of Commerce, Industries, Mine and Agriculture, was quoted as saying in the Iran Daily News report.

Based on figures released by United Nations Conference on Trade and Development (UNCTAD), Iran drew foreign investments to the tune of $2.05 billion and $2.10 billion in 2015 and 2014, respectively.

Iran had been off limits to global investors as a result of sanctions that banned major investments in the country, specifically in its oil and gas industries that provide the lifeline of its national revenues.

The sanctions were removed after Iran and P5+1 (Russia, China, the US, Britain, France and Germany) finalised a lasting nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA) on July 14, 2015, and started implementing it on January 16, 2016.