Alex Saab, a Colombian businessman of Lebanese descent, known for his multimillion-dollar deals with the Venezuelan government, was extradited to the US on Saturday.
The 49-year-old diplomat, the son of a Lebanese immigrant who had settled in the city of Barranquilla, Colombia, has been under arrest since June 2020 for allegedly corrupt deals for Venezuelan President Nicolas Maduro.
He was detained in Cabo Verde when his plane landed for refuelling.
Mr Saab, long considered a frontman for Mr Maduro, was reportedly on his way to Iran to negotiate obtaining various supplies for the Venezuelan regime. The Colombian government froze Mr Saab’s assets and issued a warrant for his arrest in 2018.
On Saturday, Cabo Verde's Constitutional Court approved Mr Saab’s extradition to the US where he is facing trial on corruption and money-laundering charges.
The second of four brothers, Mr Saab found success in Columbia’s textile industry before expanding his activities to Venezuela. There, he won government contracts to provide supplies for prefabricated houses and the state’s food programme.
He is set to make his first court appearance on Monday for exploiting food aid destined for Venezuela and laundering money for Mr Maduro through the food programme by taking advantage of the government-controlled exchange rate. His lawyers have called the US charges "politically motivated".
Last year, Mr Saab, in partnership with Venezuela's Oil Minister Tareck El Aissami, who is also of Lebanese descent, reportedly helped to negotiate a deal to purchase Iranian oil in exchange for gold – in breach of US sanctions.
His extradition prompted Venezuela to suspend negotiations with the opposition and to revoke the house arrest of six former executives of refiner Citgo, a US subsidiary of state oil company PDVSA. The six including five US citizens and a permanent resident, were released from jail and put under house arrest in April. The US government has repeatedly demanded their release.
Sanctions for Lebanese businessmen
Mr Saab is not the first businessman of Lebanese descent to be pursued by the US.
Several Lebanese businessmen affiliated with Iran-backed Hezbollah have been subjected to sanctions for their involvement in drug and weapons trafficking across Latin America and for providing support to Mr Maduro’s regime.
In 2012, the US Department of the Treasury flagged four people and three entities involved in laundering the proceeds of narcotics for Ayman Joumaa, whom he US accuses of running a network that has reach throughout the Americas and the Middle East with links to Hezbollah. Those designated included Abbas Hussein Harb, Ibrahim Chibli and Ali Mohamad Saleh.
The US Treasury said at the time that Mr Harb’s businesses in Colombia and Venezuela were laundering money for the Joumaa network through the Lebanese financial sector.
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
6 UNDERGROUND
Director: Michael Bay
Stars: Ryan Reynolds, Adria Arjona, Dave Franco
2.5 / 5 stars
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
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
More on animal trafficking
Specs
Engine: 3.0L twin-turbo V6
Gearbox: 10-speed automatic
Power: 405hp at 5,500rpm
Torque: 562Nm at 3,000rpm
Fuel economy, combined: 11.2L/100km
Price: From Dh292,845 (Reserve); from Dh320,145 (Presidential)
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How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
