Venezuela's President Nicolas Maduro, left, with Iranian President Ebrahim Raisi at the Saadabad Palace in Tehran, Iran. AP
Venezuela's President Nicolas Maduro, left, with Iranian President Ebrahim Raisi at the Saadabad Palace in Tehran, Iran. AP
Venezuela's President Nicolas Maduro, left, with Iranian President Ebrahim Raisi at the Saadabad Palace in Tehran, Iran. AP
Venezuela's President Nicolas Maduro, left, with Iranian President Ebrahim Raisi at the Saadabad Palace in Tehran, Iran. AP

Iran and Venezuela sign 20-year co-operation agreement


Amr Mostafa
  • English
  • Arabic

Iran and Venezuela on Saturday signed a 20-year agreement on comprehensive economic and political co-operation, state media reported.

The deal was signed by Iranian President Ebrahim Raisi and his Venezuelan counterpart Nicolas Maduro, who is on a visit to Tehran, the semi-official Irna news agency reported.

The pact “shows the determination of the high-level officials of the two countries for development of relations in different fields”, Mr Raisi said.

It includes co-operation in the fields of oil, petrochemicals, and tourism and culture.

Mr Maduro arrived in Iran on Friday after visiting Turkey. This was his second visit to Tehran — the first was six years ago.

  • Supporters of Venezuela's President Nicolas Maduro cheer outside the polling station where his is voting during presidential elections in Caracas, Venezuela. Ricardo Mazalan / AP Photo
    Supporters of Venezuela's President Nicolas Maduro cheer outside the polling station where his is voting during presidential elections in Caracas, Venezuela. Ricardo Mazalan / AP Photo
  • Venezuela's President Nicolas Maduro makes the victory sign after voting in presidential elections in Caracas, Venezuela. Ricardo Mazalan / AP Photo
    Venezuela's President Nicolas Maduro makes the victory sign after voting in presidential elections in Caracas, Venezuela. Ricardo Mazalan / AP Photo
  • With an image of the late Venezuelan President Hugo Chavez behind him a Venezuelan citizen casts his vote at a polling station during the presidential election in Caracas, Venezuela. Marco Bello / Reuters
    With an image of the late Venezuelan President Hugo Chavez behind him a Venezuelan citizen casts his vote at a polling station during the presidential election in Caracas, Venezuela. Marco Bello / Reuters
  • A large sign supporting Venezuelan President Nicolas Maduro sits atop a building during the presidential election in Caracas, Venezuela. Marco Bello / Reuters
    A large sign supporting Venezuelan President Nicolas Maduro sits atop a building during the presidential election in Caracas, Venezuela. Marco Bello / Reuters
  • Venezuelans queue outside a polling station as they wait to cast their vote during the presidential elections in Caracas. Federico Parra / AFP
    Venezuelans queue outside a polling station as they wait to cast their vote during the presidential elections in Caracas. Federico Parra / AFP
  • Venezuelan citizens check electoral lists at a polling station during the presidential election in Caracas, Venezuela. Carlos Garcia Rawlins / Reuters
    Venezuelan citizens check electoral lists at a polling station during the presidential election in Caracas, Venezuela. Carlos Garcia Rawlins / Reuters
  • Elderly Venezuelan citizens depart after casting their votes at a polling station during the presidential election in Caracas, Venezuela. Carlos Garcia Rawlins / Reuters
    Elderly Venezuelan citizens depart after casting their votes at a polling station during the presidential election in Caracas, Venezuela. Carlos Garcia Rawlins / Reuters
  • Venezuelan citizens check in at a 'Red Point,' an area set up by President Nicolas Maduro's party, to verify that they cast their votes during the presidential election in Barquisimeto, Venezuela. Carlos Jasso / Reuters
    Venezuelan citizens check in at a 'Red Point,' an area set up by President Nicolas Maduro's party, to verify that they cast their votes during the presidential election in Barquisimeto, Venezuela. Carlos Jasso / Reuters

In a Friday interview with the Iranian Spanish television channel Hispan TV, Mr Maduro said that plans and strategies for the next 20 years would be reviewed at his meeting with Mr Raisi.

Earlier, Mr Maduro said Iran helped Venezuela by sending fuel despite US sanctions and threats.

“Tehran’s delivery of oil to Caracas was a great help to the Venezuelan people,” he said.

A high-ranking political and economic delegation from Venezuela, which like Iran is under heavy US sanctions, is accompanying Mr Maduro on the two-day visit.

Venezuela has received Iranian tankers at its ports in the past. Iran also has exported cars to Venezuela.

RESULTS

6.30pm: Handicap (rated 100 ) US$175,000 1,200m
Winner: Baccarat, William Buick (jockey), Charlie Appleby (trainer)

7.05pm: Handicap (78-94) $60,000 1,800m
Winner: Baroot, Christophe Soumillon, Mike de Kock

7.40pm: Firebreak Stakes Group 3 $200,000 1,600m
Winner: Heavy Metal, Mickael Barzalona, Salem bin Ghadayer

8.15pm: Handicap (95-108) $125,000 1,200m
Winner: Yalta, Mickael Barzalona, Salem bin Ghadayer

8.50pm: Balanchine Group 2 $200,000 1,800m
Winner: Promising Run, Pat Cosgrave, Saeed bin Suroor

9.25pm: Handicap (95-105) $125,000 1,800m
Winner: Blair House, James Doyle, Charlie Appleby

10pm: Handicap (95-105) $125,000 1,400m
Winner: Oh This Is Us, Tom Marquand, Richard Hannon

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

Notable Yas events in 2017/18

October 13-14 KartZone (complimentary trials)

December 14-16 The Gulf 12 Hours Endurance race

March 5 Yas Marina Circuit Karting Enduro event

March 8-9 UAE Rotax Max Challenge

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

The%20team
%3Cp%3E%0DFashion%20director%3A%20Sarah%20Maisey%0D%3Cbr%3EPhotographer%3A%20Greg%20Adamski%0D%3Cbr%3EHair%20and%20make-up%3A%20Ania%20Poniatowska%0D%3Cbr%3EModels%3A%20Nyajouk%20and%20Kristine%20at%20MMG%2C%20and%20Mitchell%0D%3Cbr%3EStylist%E2%80%99s%20assistants%3A%20Nihala%20Naval%20and%20Sneha%20Maria%20Siby%0D%3Cbr%3EVideographer%3A%20Nilanjana%20Gupta%3C%2Fp%3E%0A
Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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

Updated: June 11, 2022, 10:14 AM