Iranian Foreign Minister Abbas Araghchi has said the country will respond to an attack by Israel. AFP
Iranian Foreign Minister Abbas Araghchi has said the country will respond to an attack by Israel. AFP
Iranian Foreign Minister Abbas Araghchi has said the country will respond to an attack by Israel. AFP
Iranian Foreign Minister Abbas Araghchi has said the country will respond to an attack by Israel. AFP

Iran's Foreign Minister Araghchi to visit Saudi Arabia as Tehran braces for Israeli attack


Aveen Karim
  • English
  • Arabic

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Iranian Foreign Minister Abbas Araghchi is set to visit Saudi Arabia and other countries in the region from Tuesday to discuss regional developments and efforts to stop Israel's “crimes” in Lebanon and Gaza.

The trip comes as Tehran braces for Israeli retaliation after the barrage of ballistic missiles Iran fired at the country last week. The attack, which involved between 180 and 200 missiles, appeared to have done little damage to Israeli infrastructure. Israel said several airbases were damaged, but military operations were not affected.

“My trip to Saudi Arabia and some countries in the region will begin this afternoon,” Iran's semi-official Isna news agency quoted Mr Araghchi as saying, without identifying the other destinations. “The purpose of this trip is to consult on regional developments and to try to stop the crimes of the Zionist regime in Lebanon and Gaza."

He said "the Islamic Republic of Iran does not seek to increase tension and war, although we are not afraid of war". But earlier on Tuesday he issued a warning over Israeli retaliation, saying “any attack on Iran's infrastructure facilities will be met with a strong response”, state news agency Irna reported.

Iranian President Masoud Pezeshkian this week met Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan in Doha to discuss regional developments. Saudi Arabia was searching for ways to prevent a major escalation in the Middle East that could spiral out of control, said sources briefed on diplomatic efforts to defuse tension in the region.

Iran has warned that if any of Israel's “supporters” intervened, their assets in the region would be attacked.

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    Palestinians take control of an Israeli Merkava battle tank after crossing the border fence with Israel from Khan Yunis in the southern Gaza Strip on October 7, 2023. AFP
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    Smoke rises following an Israeli air strike in Gaza city on October 9, 2023. EPA
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    Lightning strikes as smoke billows following an Israeli air strike in Gaza city on October 9, 2023. AFP
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    An Israeli artillery unit fires at an area along the border with Gaza, southern Israel, on October 11, 2023. EPA
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    Ultra-Orthodox Jewish people carry their belongings before boarding a ship for US nationals and their immediate family members, as they leave Israel headed for Cyprus. Reuters
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    Palestinian youths take cover behind a rubbish container as they clash with Israeli forces at the northern entrance of the West Bank city of Ramallah near the Israeli settlement of Beit El on October 20, 2023. AFP
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    A man mourns as he attends a funeral of Palestinians killed in Israeli strikes in Khan Younis in the southern Gaza Strip on October 24, 2023. Reuters
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    A man holds a child, survivors of Israeli bombardment, as they are treated at a trauma ward at Nasser hospital in Khan Yunis in the southern Gaza Strip on October 24, 2023. AFP
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    People search for survivors and the bodies of victims through the rubble of buildings destroyed during Israeli bombardment in Khan Yunis in the southern Gaza Strip on October 26, 2023. AFP
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    Palestinians run for cover after a strike near the Al Shifa hospital in Gaza city on November 1, 2023. AFP
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    Palestinian children run as they flee from Israeli bombardment in Rafah in the southern Gaza Strip on November 6, 2023. AFP
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    An injured Palestinian woman covered in dust and blood hugs an injured girl child at the hospital following the Israeli bombardment of Khan Yunis in the southern Gaza Strip on November 15, 2023. AFP
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    Hostages released by Hamas Gal, left, and Tal Almog-Goldstein, second left, stand in a bus transporting them to an army base in Ofakim in southern Israel after they were released by the Palestinian militant group from the Gaza Strip on November 26, 2023. AFP
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    Palestinian boys stand in their makeshift tent at a camp set up on a schoolyard in Rafah in the southern Gaza Strip where most civilians have taken refuge, on December 13, 2023. AFP
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    Palestinians fleeing the north through the Salaheddin road in the Zeitoun district on the southern outskirts of Gaza city, walk past Israeli army tanks on November 24, 2023. AFP
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    In this picture taken during a media tour organised by the Israeli military on December 15, 2023, soldiers visit a tunnel that Hamas reportedly used to attack Israel through the Erez border crossing on October 7. AFP
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    A man pulls water containers as he walks past destroyed buildings in Khan Younis on May 5, 2024. AFP
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    Relatives of Hanan Yablonka, one of the Israeli hostages held in the Gaza Strip since the October 7, 2023 attack by Palestinian Hamas militants, mourn during his funeral in Tel Aviv on May 26. AFP
  • Humanitarian aid packages land after being dropped from a plane in Al Mawasi district of Khan Younis, on May 30, 2024. Reuters
    Humanitarian aid packages land after being dropped from a plane in Al Mawasi district of Khan Younis, on May 30, 2024. Reuters
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    Palestinians attend Eid al-Adha prayer in Khan Younis town, southern Gaza strip, on June 16. EPA
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    Displaced Palestinians play football in Jabalia on July 23, 2024. AFP
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    Palestinians injured in an Israeli strike on a school ride on the back of a cart in Deir Al Balah on July 27, 2024. AFP
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    Palestinians gather to receive food cooked by a charity kitchen, amid the Israel-Hamas conflict, in the northern Gaza Strip, September 11. Reuters
  • Palestinians survey the damage at the site of Israeli strikes on a displacement camp in Khan Younis on September 10, 2024. AFP
    Palestinians survey the damage at the site of Israeli strikes on a displacement camp in Khan Younis on September 10, 2024. AFP
  • A medical staff member carries supplies through a destroyed section of Al Shifa hospital in Gaza city on September 17. AFP
    A medical staff member carries supplies through a destroyed section of Al Shifa hospital in Gaza city on September 17. AFP
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    People walk past makeshift graves in Gaza city on September 17. AFP

Uncertain response

Israel's response to the missile barrage is unpredictable, but observers suggest the possible targets include Iranian oil facilities, which could lead to market disruptions. Tehran and Riyadh warmed ties in a rapprochement brokered by China in March 2023, and despite easing regional tension, their relationship remains cautious.

In September, Mr Araghchi described Saudi Arabia as a country that has a “special place” in its policies with neighbouring countries. The minister met his Saudi counterpart on the sidelines of the UN General Assembly last month. Mr Araghchi has since held high-level meetings in Lebanon and Syria.

Irann-backed allies Hamas and Hezbollah have suffered significant losses in Israeli attacks since the war in Gaza broke out a year ago, compounded by the recent escalation in strikes and the ground invasion of Lebanon. Both groups have lost their leaders – Ismail Haniyeh and Hassan Nasrallah, respectivaly – as well as other senior figures.

Hezbollah's daily exchange of cross-border fire with Israel has inched closer to a full-fledged war over the past two weeks, with Israel carrying out a ground invasion in Lebanon, and significantly stepping up air strikes, mostly in southern Lebanon, the group's stronghold, and the eastern Bekaa Valley.

Mr Araghchi also said on Tuesday that Iran has proposed a meeting between the Arab League and the Organisation of Islamic Co-operation to discuss Gaza and Lebanon. “Positive opinions have been announced so far by the member countries and consultations are continuing in this regard,” he added.

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Sector: FinTech, online payment solutions

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Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

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The UAE squad for the Asian Indoor and Martial Arts Games

The jiu-jitsu men’s team: Faisal Al Ketbi, Zayed Al Kaabi, Yahia Al Hammadi, Taleb Al Kirbi, Obaid Al Nuaimi, Omar Al Fadhli, Zayed Al Mansoori, Saeed Al Mazroui, Ibrahim Al Hosani, Mohammed Al Qubaisi, Salem Al Suwaidi, Khalfan Belhol, Saood Al Hammadi.

Women’s team: Mouza Al Shamsi, Wadeema Al Yafei, Reem Al Hashmi, Mahra Al Hanaei, Bashayer Al Matrooshi, Hessa Thani, Salwa Al Ali.

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

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1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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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

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Updated: October 08, 2024, 10:45 AM