GENEVA: More than 700,000 undocumented Afghans have returned from Iran this year as the Iranian economy tightens, with a knock-on effect on the Afghan economy, according to data from the UN’s migration agency.
In a report covering the period up to Dec. 1, the International Organization for Migration said a total of 752,325 Afghans had returned from Iran and Pakistan, including 721,633 from Iran.
“Undocumented returns from Iran in particular are seeing a massive increase over previous years, largely driven by recent political and economic issues in Iran including massive currency devaluation,” the IOM report said.
Demand for Afghan labor in Iran’s informal economy had drastically fallen, it added.
“As all Afghans typically send home their earnings in the form of monthly remittances, the Afghan economy itself, already evident in the drought affected provinces of Herat, Badghis and Ghor, is suffering direct and immediate effects.”
Iranian media reports say many of the Afghans had returned or were seeking to enter Turkey to reach Europe after the fall of the Iranian currency, which has lost about 70 percent of its value this year.
Iran emerged in early 2016 from years of global sanctions under a deal with world powers that curbed its disputed nuclear program.
But US President Donald Trump withdrew the United States from the deal in May, calling it flawed to Iran’s advantage, and reimposed far-reaching US sanctions in phases, with the most damaging oil and banking penalties taking effect on Nov. 5.
Jan Egeland, head of the Norwegian Refugee Council, told Reuters that increasing US pressure on Iran would cause problems for Afghanistan.
“The Trump sanctions will put the Iranian economy into a void, and is doing that. (The people) who will first lose a grip on their existence are the Afghan registered and unregistered refugees and migrants,” he said.
Last month the top UN humanitarian official in Afghanistan, Toby Lanzer, told reporters in Geneva that the UN had expected up to 700,000 Afghans to return from Pakistan this year, but very few had made the move, while the returns from Iran took the UN by surprise.
More than 700,000 Afghans leave Iran as economy slows
More than 700,000 Afghans leave Iran as economy slows
- More than 700,000 undocumented Afghans have returned from Iran this year as the Iranian economy tightens
- Demand for Afghan labor in Iran’s informal economy had drastically fallen
Closing Bell: Saudi main index closes in green at 10,917
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 4.86 points, or 0.04 percent, to close at 10,917.04.
The total trading turnover of the benchmark index was SR3.95 billion ($1.05 billion), as 102 of the listed stocks advanced, while 147 retreated.
The MSCI Tadawul Index increased, up 0.54 points, or 0.04 percent, to close at 1,467.06.
The Kingdom’s parallel market Nomu lost 85.41 points, or 0.36 percent, to close at 23,357.50. This comes as 19 of the listed stocks advanced, while 46 retreated.
The best-performing stock was Tourism Enterprise Co., with its share price surging by 10 percent to SR13.53.
Other top performers included Al Yamamah Steel Industries Co., which saw its share price rise by 8.64 percent to SR39.22, and Anaam International Holding Group, which saw a 4.05 percent increase to SR12.59.
Alramz Real Estate Co. saw its share price rising by 3.95 percent to close at SR61.85, while Umm Al Qura for Development and Construction Co. closed at SR18.08, marking a 3.67 percent increase in share price.
On the downside, the worst performer of the day was Saudi Industrial Export Co., whose share price fell by 3.72 percent to SR2.59.
ACWA Power Co. saw its share price fall 3.54 percent to SR177.20, while Naseej International Trading Co. declined 3.08 percent to SR29.56.
Moreover, the share price of Rabigh Refining and Petrochemical Co. dropped 2.95 percent to close at SR6.57, while Nice One Beauty Digital Marketing Co. saw its share price dropping 2.65 percent to SR17.97.
On the announcement front, Alinma Capital has declared a cash dividend distribution totaling SR6.55 million for unitholders of the Alinma Saudi Government Sukuk ETF Fund.
The dividend, covering the period from July to December, amounts to SR0.162 per unit and represents approximately 1.56 percent of the fund’s net asset value as of Jan. 15.
Its share price closed at SR10.42 on the main market, marking a 0.1 percent increase.
Also, Itmam Consultancy Co. has been awarded a significant project by the Digital Government Authority to develop digital investment skills within the public sector.
The contract, officially granted on Jan. 19, is valued at more than 5 percent of the company’s total 2024 revenue.
According to a statement, the program aims to equip government employees with the expertise needed to enhance digital government investment efficiency, focusing on software license development aligned with legal and technical standards.
Its share price remained unchanged on Nomu at SR16.40.
