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.
COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
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
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Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
Sholto Byrnes on Myanmar politics
RESULT
Arsenal 2
Sokratis Papastathopoulos 45 4'
Eddie Ntkeiah 51'
Portsmouth 0
MATCH INFO
France 3
Umtiti (8'), Griezmann (29' pen), Dembele (63')
Italy 1
Bonucci (36')
Muguruza's singles career in stats
WTA titles 3
Prize money US$11,128,219 (Dh40,873,133.82)
Wins / losses 293 / 149
In-demand jobs and monthly salaries
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Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
