Rey, Iran Rey, Iran Rey or Ray (; , Šahr-e Rey, “City of Ray”), also known as Rhages (; , or Europos (Ευρωπός) "Rhagai"; or "Rhaganae") and formerly as Arsacia, is the capital of Rey County in Tehran Province of Iran, and the oldest existing city in the province. Ray today has been absorbed into the Greater Tehran metropolitan area. Ray is connected via the Tehran Metro to the rest of Tehran and has many industries and factories in operation. Limited excavations of what was not bulldozed began in 1997 in collaboration with the Iranian Cultural Heritage and Tourism Organization (ICHTO), the
Privatization in Iran gain momentum once Iranian expatriates begin to invest in their motherland. Iranian nationals residing abroad are holding significant assets. Many have invested their capital in other countries, following the 1979 Islamic Revolution and the 1980–1988 war. Statistics at hand suggest that close to $10 billion (of goods) were re-exported into Iran last year. Multinational companies, particularly Iranian firms mostly owned and controlled by Islamic Revolutionary Guard Corps, are involved in export of goods into the country from Dubai. There are differing estimates of the expatriates' total capital (1.3 trillion dollars), but what is clear is that it is so huge