UK Businesses Fear for Afghan Rug Weavers After Taliban Takeover

Afghan rugs are a major commodity and the country's second largest non-agricultural export, according to the World Trade Organization. (AFP)
Afghan rugs are a major commodity and the country's second largest non-agricultural export, according to the World Trade Organization. (AFP)
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UK Businesses Fear for Afghan Rug Weavers After Taliban Takeover

Afghan rugs are a major commodity and the country's second largest non-agricultural export, according to the World Trade Organization. (AFP)
Afghan rugs are a major commodity and the country's second largest non-agricultural export, according to the World Trade Organization. (AFP)

Overseas businesses selling colorful handwoven rugs and vivid handblown glass from Afghanistan are concerned for their suppliers as the Taliban's takeover of the country threatens those with links to the West.

British businessman James Wilthew has built up close ties with Afghan rug weavers and sellers, buying the sought-after carpets directly from the northern provinces, where the industry is traditionally based.

The ex-serviceman sells the carpets at his shop in Hebden Bridge in Yorkshire in northern England and estimates that his company, The Afghan Rug Shop, supports about 200 families.

A share of the proceeds goes to Afghanaid, a British charity supporting people in Afghanistan.

He said he was frustrated by the British government's response, despite an emotive emergency debate on the crisis in parliament and urgent calls for help.

"Nothing happens, there's been no action," he said, warning: "Government bureaucracy will result in the death of thousands of people."

The former RAF officer worked in Afghanistan in 2004 on the UK Provincial Reconstruction Team, set up to help development projects.

Asked if hardliners could target those who worked with him due to his UK military background, he said: "Yes, of course".

The Taliban could say, "You've been working for Mr. James", he said. "It's just the association."

"I'm not necessarily sure how far the Taliban will go with these things: we just don't know what the spectrum of danger is."

Major export commodity
Afghan rugs are a major commodity and the country's second largest non-agricultural export, according to the World Trade Organization.

Textiles are by far the most significant Afghan import to the UK, worth some £2.4 million ($3.3 million) per year, government figures show.

The ancient carpet trade existed under the previous Taliban regime, which ruled Afghanistan with an iron fist from 1996 until they were ousted in the US-led invasion in 2001.

The uncertainty and chaos since the return of the hardline extremists was "a temporary issue", said Wilthew.

"Under the Taliban regime, that trade (in textiles) will continue, they need the tax from that business, the employment," he added.

"It's their export commodity, it's how they make an income."

Most Afghan carpets are exported via neighboring Pakistan, but Wilthew is unusual in dealing directly with artisans and traders inside the country.

That could force him to change his business model, possibly using a middleman in Pakistan, and switching from US dollars if the greenback is banned in Afghanistan.

He is also unlikely to be able to continue using international shipping and delivery companies DHL and FedEx for delivery, he added.

"Acquiring rugs from Afghanistan is not a concern for me. It's not an issue, the issue is my friends," he said.

'Impossible' logistics
Another high-end company that sells goods made by Afghan artisans is London-based Ishkar, which sells contemporary-design carpets, as well handblown tumblers, jewelry and clothes.

The brand's creative director, Electra Simon, said the company was in daily contact with people in Afghanistan, and "pretty much everybody is trying to leave".

"They just basically want to get out, they can't leave their houses right now," she said, adding they felt "sheer desperation" at the situation.

"It's really hard: the relationships we've built up with people, seeing them in these massively tricky situations," she said.

Ishkar's online shop is selling photographic prints of Afghanistan to raise funds for Emergency, which provides medical treatment to conflict victims.

The company, which works with some 30 people in the country, has removed references to Afghan partners from its website to protect them.

"We want to do everything possible to continue working with people in Afghanistan, if it doesn't put them at risk," she said

"Some of them will be (at risk), others probably not as much because they are just traditional artisans working, so hopefully we can continue working with them."

Some artisans in areas captured by the Taliban have been able to keep working, she said, although the logistics of exporting to Britain were at the moment "completely impossible".

Both she and Wilthew said the situation was still too fluid to predict, and a clearer picture will emerge in the coming weeks.

"It will definitely be different for us, that's 100 percent," said Simon.



Saudi Arabia Leads Global Market Growth in 2024 with Over 55 Listings

The Financial Markets Forum 2025 kicked off in Riyadh under the theme “Empowering the Future of Financial Markets”. (Financial Markets Forum 2025)
The Financial Markets Forum 2025 kicked off in Riyadh under the theme “Empowering the Future of Financial Markets”. (Financial Markets Forum 2025)
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Saudi Arabia Leads Global Market Growth in 2024 with Over 55 Listings

The Financial Markets Forum 2025 kicked off in Riyadh under the theme “Empowering the Future of Financial Markets”. (Financial Markets Forum 2025)
The Financial Markets Forum 2025 kicked off in Riyadh under the theme “Empowering the Future of Financial Markets”. (Financial Markets Forum 2025)

Saudi Arabia’s stock market has emerged as the fastest-growing in the world in 2024, with over 55 initial public offerings (IPOs) across various sectors. This surge has created diverse investment opportunities for both local and international investors, supported by major banks facilitating IPO participation. Additionally, more than 15 new listings are awaiting regulatory approval.

These developments were highlighted at the Financial Markets Forum 2025, which began in Riyadh under the theme “Empowering the Future of Financial Markets.” The three-day event, running until February 20, brings together top financial leaders and decision-makers to discuss the future of global financial markets.

Saudi Investment Minister Khalid Al-Falih said the Kingdom’s debt market remains underdeveloped compared to its potential, accounting for less than 4% of GDP—significantly below the G20 average of 40%. He encouraged Saudi companies to explore raising capital through bond and sukuk issuances.

Saudi Arabia’s next challenge is upgrading from emerging to advanced market status, he revealed. The Kingdom has already demonstrated its ability to adapt by successfully joining major emerging market indices such as MSCI and FTSE within two years of the Vision 2030 launch.

Green investment

Al-Falih highlighted a growing interest from Asian investors in the Saudi market, attributing this to major investments in tourism, transportation, and logistics, which have strengthened the financial sector.

Regarding green investment, he said Saudi Arabia has made sustainability a key priority, moving from an oil-dependent economy to a diversified one. He cited the success of the LEAP Conference as evidence of Saudi Arabia’s rising global investment influence.

He also discussed the insurance sector, which currently contributes about 2% of GDP, with a target to increase this to 8%. He pointed out significant growth opportunities in specialized insurance fields, including property and life insurance.

Al-Falih noted that several sectors, which were almost nonexistent before Saudi Vision 2030, have since experienced substantial growth, with some achieving double-digit annual increases despite global economic challenges, including the COVID-19 pandemic.

UK-Saudi trade relations

UK Investment Minister Baroness Ruby McGregor-Smith reaffirmed Britain’s commitment to expanding trade with Saudi Arabia. She highlighted efforts to increase direct flights and facilitate electronic visa applications to strengthen economic ties.

Speaking at a panel discussion, she emphasized the UK-Saudi strategic partnership, stating that the upcoming free trade agreement between the UK and the Gulf Cooperation Council (GCC) could boost trade by 18%. She also stressed the importance of fostering business relationships through joint events to drive economic cooperation.

Regarding renewable energy, the minister praised Vision 2030 as a global model for sustainability and environmental responsibility.

Moreover, she underscored the UK’s strengths as an investment hub, citing its modern industrial strategy, robust financial infrastructure, and world-class academic institutions as key factors attracting investors.

Saudi stock market

Sarah Al-Suhaimi, Chairperson the Board of Directors of Saudi Tadawul Group, described the forum as a key platform for discussing the resilience of financial markets amid evolving economic conditions and identifying emerging opportunities.

Meanwhile, Tadawul CEO Mohammed Al-Rumaih noted that Saudi Arabia’s stock market recorded more than 55 IPOs in 2024, with exceptionally high subscription rates—exceeding 1,000% in the main market and 400% in the parallel market (Nomu).

Saudi Arabia had the highest number of company listings worldwide in 2024, marking a significant milestone, he stated.

“We celebrated the listing of 400 financial instruments and launched a new capital system—one of our most innovative developments,” he added.

With 15 banks now active in the Saudi stock market, IPO subscriptions have surged, with Nomu witnessing a 50% increase.

The forum featured panel discussions on global economic trends, regional market shifts, capital allocation strategies, and investment opportunities amid economic transformations.

Topics included the role of commodities in driving economic growth in the Gulf Cooperation Council, strategies for financing renewable energy projects, and infrastructure investments to support Saudi Arabia’s sustainability goals.