Saudi Arabia and Iran agreed to resume direct flights between their countries at a meeting of foreign ministers Prince Faisal bin Farhan and Hossein Amirabdollahian in Beijing on Thursday.
The move marked a major step after the pair agreed to restore diplomatic ties last month.
They will also enable the issuing of visas for each other's citizens and both private and state bilateral visits will resume, according to the full joint statement released by Saudi Arabia and Iran.
The process of reopening embassies and consulates will now begin and will take up to two months, said the statement after the signing of a joint communique.
Prince Faisal renewed his invitation for Mr Amirabdollahian to visit the kingdom. The Iranian Foreign Minister in return extended an invitation to Prince Faisal to visit Tehran for a bilateral meeting, the statement said.
The kingdom's official state television broadcast a brief video on Twitter of the meeting in Beijing showing the leaders greeting each other with a handshake before sitting down side-by-side.
This is the first official meeting between Iran and Saudi Arabia's most senior foreign ministry officials since ties were severed seven years ago.
The leaders will follow up on a deal brokered by China last month to reconcile relations and reopen embassies.
The meeting highlights China's increasing influence in the region, one that is being monitored by the US.
Saudi state media said the delegations met for "expanded" bilateral talks to discuss “important issues".
In March, Chinese President Xi Jinping spoke by phone with Saudi Crown Prince Mohammed bin Salman about several issues.
Iran has confirmed it had accepted an invitation for President Ebrahim Raisi to visit Riyadh. It was not announced when this would take place.
After the announcement to restore relations, Tehran and Riyadh said they would also reinstate a security agreement signed nearly two decades ago.
The agreement stipulated co-operation on terrorism, drug smuggling and money laundering, and to revive a trade and technology deal from 1998.
Experts believe the move will reduce the chance of armed conflict between the former rivals, directly and in proxy conflicts around the region.
In 2016, Riyadh severed ties with Tehran after protesters invaded Saudi diplomatic posts in Iran after the execution of a prominent Shiite cleric in the kingdom. It was only one of many issues between the long-standing rivals.
But since April 2021, the two sides have held five rounds of negotiations in Baghdad.
Prince Faisal met Chinese Foreign Minister Qin Gang, and they reviewed relations between Saudi Arabia and China, and ways to enhance co-operation in all areas.
They also discussed developments regarding the agreement between Saudi Arabia and Iran, in a way that achieves common interests and enhances efforts to lay the foundations for peace in the region and the world.
Prince Faisal expressed his appreciation of the positive role that China played in reaching the Saudi-Iranian agreement.
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
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UAE currency: the story behind the money in your pockets
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
German intelligence warnings
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- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
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Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India
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AT4 Ultimate, as tested
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Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
2018 ICC World Twenty20 Asian Western Regional Qualifier
Saturday results
Qatar beat Kuwait by 26 runs
Bahrain beat Maldives by six wickets
UAE beat Saudi Arabia by seven wickets
Monday fixtures
Maldives v Qatar
Saudi Arabia v Kuwait
Bahrain v UAE
* The top three teams progress to the Asia Qualifier
The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
The specs
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
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