A senior Iranian official has been criticised after bemoaning the cost of more than three million Afghan refugees living in the country, claiming US sanctions are making it hard to support them.
Iran's Deputy Foreign Minister Seyyed Abbas Araghchi said that displaced Afghans are taking up the country's jobs, school places and clogging up its healthcare system, in an interview with Irna, a state-linked news agency, on Saturday.
Mr Araghchi threatened to deport the refugees, saying that Europeans should take in refugees because their continued displacement is due to problems created by Western countries.
If US sanctions bring Iran crude exports to zero "it is possible that we ask our Afghan brothers and sisters to leave Iran," Mr Araghchi said, the Associated Press reported, because hosting them annually costs the equivalent of several billion dollars.
The minister's comments led to criticism from within the country.
Semi-official Tasnim news agency said, "we wish you had not made the statement". Others called for his dismissal.
"Firing Araghchi is the minimum response to his huge mistake,” Ali Naderi, a prominent hard-line political activist, tweeted.
The minister has since been forced to clarify his remarks, claiming he simply meant it is hard to afford to support the refugees and other countries should take responsibility.
Iran, based on "human and Islamic beliefs," is happy to host the refugees, he said, but said Western countries who are "responsible for many of the tragedies of the Afghan people" must also take responsibility.
“More than three million Afghans are now in Iran, more than two million job opportunities have been occupied by good Afghan brothers in Iran, and they are taking out three to five billion euros from our country,” the deputy foreign minister said in an interview on Wednesday night.
Mr Araghchi also listed the cost of educating, training and caring for the refugees.
Mr Araghchi blamed US sanctions for the country's inability to afford to support refugees. The US reimposed sanctions on Iran after US President Donald Trump pulled out of a nuclear deal signed in 2015 with world powers that had removed sanctions in exchange for curbing Iran's nuclear ambitions. Last week, Iran pulled out of some of its commitments to the deal leading to the United States imposing further sanctions, this time hitting the country's metals industry.
There are approximately one million registered Afghan refugees in Iran, and a further 1.5 to two million undocumented Afghans in the country, according the UNHCR. Since 2015, all Afghan children have had access to primary and secondary education in Iran, the UN refugee agency says.
But there are limited legal avenues for Afghans to get immigration or refugee status in Iran, and they are often arbitrarily detained in the country, Human Rights Watch reported in 2015.
The Afghan refugee situation is one of the most protracted in the world, the UN refugee agency has noted, with many arriving in Iran during the Soviet-Afghan war that began four decades ago. The continued instability in Afghanistan since the US-led invasion in 2003 has prevented refugees from returning, in turn displacing more Afghans.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
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Company%20profile
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The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
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SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP%204
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The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Mohammed bin Zayed Majlis