The underground Natanz uranium enrichment facility in which Iran intends to instal more of its advanced IR-2m centrifuges. AP
The underground Natanz uranium enrichment facility in which Iran intends to instal more of its advanced IR-2m centrifuges. AP
The underground Natanz uranium enrichment facility in which Iran intends to instal more of its advanced IR-2m centrifuges. AP
The underground Natanz uranium enrichment facility in which Iran intends to instal more of its advanced IR-2m centrifuges. AP

Iran’s move to produce uranium metal dims hopes of diplomatic breakthrough


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Iran's latest move to produce uranium metal has drawn condemnation from its partners in the 2015 nuclear deal, as Washington seems in no rush to re-enter the agreement — as long as Tehran doesn’t return to full compliance.

The UN nuclear watchdog said on Wednesday that Iran has started producing uranium metal, in a fresh breach of the limits laid out in the 2015 deal which aims to ensure Tehran cannot acquire a nuclear weapon.

  • An overview of Iran's Natanz nuclear facility, south of the capital Tehran. Maxar Technologies / AFP
    An overview of Iran's Natanz nuclear facility, south of the capital Tehran. Maxar Technologies / AFP
  • An overview of Iran's Natanz nuclear facility, south of the capital Tehran. Maxar Technologies / AFP
    An overview of Iran's Natanz nuclear facility, south of the capital Tehran. Maxar Technologies / AFP
  • An overview of Iran's Natanz nuclear facility, south of the capital Tehran. Maxar Technologies / AFP
    An overview of Iran's Natanz nuclear facility, south of the capital Tehran. Maxar Technologies / AFP
  • An overview of Iran's Natanz nuclear facility, south of the capital Tehran. Maxar Technologies / AFP
    An overview of Iran's Natanz nuclear facility, south of the capital Tehran. Maxar Technologies / AFP

This came amid hopes that the 2015 Joint Comprehensive Plan of Action (JCPOA) over Tehran's nuclear ambitions could be revived through new talks under the administration of US President Joe Biden, after his predecessor Donald Trump walked out of the deal in 2018.

But now "in escalating its non-compliance, Iran is undermining the opportunity for renewed diplomacy to fully realise the objectives of the JCPOA," Britain, France and Germany said in a statement on Friday.

"We reiterate that Iran has no credible civilian justification for these activities, which are a key step in the development of a nuclear weapon," the statement by the three countries said.

It said that under the nuclear deal, Iran committed not to engage in producing or acquiring uranium metal for 15 years.

"We strongly urge Iran to halt these activities without delay and not to take any new non-compliant steps on its nuclear programme," the statement said.

Reacting to Friday's statement, Iranian Foreign Minister Mohammad Javad Zarif said it was not up to Iran to make the first move after the US pullout and accused the three European countries of not doing enough to realise the nuclear deal.

"By what logic is the onus on IRAN to stop its remedial measures undertaken a full year after the US withdrew from – and continues to violate – the JCPOA? What have E3 done to fulfil their duties?" he asked on Twitter.

The nuclear deal aimed to provide a gradual lifting of international sanctions against Iran in exchange for safeguards Tehran would not seek a nuclear weapon.

But it has been essentially moribund since the US pulled out, with Tehran stepping up its nuclear work in violation of the accord as retaliation.

Essentials

The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes. 
 

Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes. 


In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes. 
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

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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

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners

SPECS

Nissan 370z Nismo

Engine: 3.7-litre V6

Transmission: seven-speed automatic

Power: 363hp

Torque: 560Nm

Price: Dh184,500

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if you go

The flights

Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com

Seeing the games

Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com

 

Staying there

Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com

 

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

Teams in the EHL

White Bears, Al Ain Theebs, Dubai Mighty Camels, Abu Dhabi Storms, Abu Dhabi Scorpions and Vipers