Members of the Iranian delegation leave the Omani embassy in Rome, where the fifth round of US-Iranian talks took place. Reuters
Members of the Iranian delegation leave the Omani embassy in Rome, where the fifth round of US-Iranian talks took place. Reuters
Members of the Iranian delegation leave the Omani embassy in Rome, where the fifth round of US-Iranian talks took place. Reuters
Members of the Iranian delegation leave the Omani embassy in Rome, where the fifth round of US-Iranian talks took place. Reuters

Some progress made but still work to be done on Iran nuclear talks, US says


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The US and Iran on Friday made further progress in a fifth round of talks centred on Tehran’s nuclear programme, Washington said.

A senior US administration official said that the two-hour fifth round of talks in Rome - characterised as both "direct and indirect" - were constructive. "We made further progress, but there is still work to be done. Both sides agreed to meet again in the near future," the official said.

The talks were hosted at the embassy of Oman, which is acting as mediator in the indirect negotiations.

Oman's Foreign Minister Sayyid Badr Al Busaidi said the US and Iran made "some but not conclusive" progress.

"We hope to clarify the remaining issues in the coming days, to allow us to proceed towards the common goal of reaching a sustainable and honourable agreement," he said in a post on X.

Speaking to Iranian media after the talks, Iran's Foreign Minister Abbas Araghchi said Sayyid Badr had proposed ways to overcome obstacles to progress and that both delegations would discuss these with their respective governments before talks negotiations could resume.

“Now a better and clearer understanding of our positions has been established with the American side, and both sides are taking the raised proposals and ideas to their capitals for further review,” state news agency Irna quoted him as saying.

The issue of Iran's uranium enrichment remains a central sticking point in the negotiations. Washington seeks a deal in which Tehran permanently halts enrichment, while Iran maintains it has an unequivocal right to continue the process.

Mr Araghchi said earlier on Friday that no nuclear deal would be possible if the US insists on ending Iran's uranium enrichment programme.

“Figuring out the path to a deal is not rocket science: Zero nuclear weapons = we DO have a deal. Zero enrichment = we do NOT have a deal," Mr Araghchi said in a post on X before leaving for Rome.

Tehran is also refusing to ship its highly enriched uranium stockpiles abroad, another demand previously voiced by some US officials.

The US delegation for the talks included senior adviser and special Middle East envoy Steve Witkoff and policy planning director Michael Anton.

Iranian media said the talks started at 1.30pm and Mr Araghchi announced that they had concluded at 5pm. Iranian Foreign Ministry spokesman Esmaeil Baqaei, who accompanied Tehran's delegation to Rome, told Iranian media that Mr Witkoff had to leave earlier because of prior travel plans but the negotiations continued without him in a "sane and calm atmosphere".

The US State Department said on Thursday that it was confident the nuclear talks with Iran were progressing.

“The fifth round of the nuclear talks would not be happening if we didn't think that there was potential [to reach a deal],” spokeswoman Tammy Bruce told reporters. “I would say that clearly we believe that we are going to succeed.”

The White House said earlier that US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu discussed “a potential deal with Iran, which the President believes is moving along in the right direction".

Reports emerged this week that Israel was preparing for a possible strike on Iran’s nuclear facilities if negotiations with the US fail. Mr Araghchi warned that Tehran would hold Washington responsible for any Israeli attack on its infrastructure.

The US has repeatedly said Iran cannot be allowed to develop a nuclear weapon, while Iran maintains that its nuclear programme is peaceful and insists it has no intention of developing nuclear weapons. However, since the US withdrawal from the 2015 nuclear deal under Mr Trump, Tehran has repeatedly breached the accord in response to renewed American sanctions, stockpiling enough highly enriched uranium to potentially produce nuclear weapons.

The 2015 deal, which is set to expire soon, limited Iran to enriching uranium at 3.67 per cent for 15 years. But as of February, the International Atomic Energy Agency reported that Iran had enriched uranium to 60 per cent and could rapidly reach weapons-grade levels of 90 per cent.

“Iran cannot have an enrichment capability, because that ultimately makes them a threshold nuclear power,” US Secretary of State Marco Rubio told a congressional hearing on Wednesday.

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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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

MATCH INFO

Uefa Champions League, last-16 second leg
Paris Saint-Germain (1) v Borussia Dortmund (2)
Kick-off: Midnight, Thursday, March 12
Stadium: Parc des Princes
Live: On beIN Sports HD

Fight card

Bantamweight

Siyovush Gulmamadov (TJK) v Rey Nacionales (PHI)

Lightweight

Alexandru Chitoran (ROM) v Hussein Fakhir Abed (SYR)

Catch 74kg

Tohir Zhuraev (TJK) v Omar Hussein (JOR)

Strawweight (Female)

Weronika Zygmunt (POL) v Seo Ye-dam (KOR)

Featherweight

Kaan Ofli (TUR) v Walid Laidi (ALG)

Lightweight

Leandro Martins (BRA) v Abdulla Al Bousheiri (KUW)

Welterweight

Ahmad Labban (LEB) v Sofiane Benchohra (ALG)

Bantamweight

Jaures Dea (CAM) v Nawras Abzakh (JOR)

Lightweight

Mohammed Yahya (UAE) v Glen Ranillo (PHI)

Lightweight

Alan Omer (GER) v Aidan Aguilera (AUS)

Welterweight

Mounir Lazzez (TUN) Sasha Palatnikov (HKG)

Featherweight title bout

Romando Dy (PHI) v Lee Do-gyeom (KOR)

Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
Last 10 NBA champions

2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2

UAE rugby in numbers

5 - Year sponsorship deal between Hesco and Jebel Ali Dragons

700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams

Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams

Dh1.8m - Dubai Hurricanes' overall budget for next season

Dh2.8m - Dubai Exiles’ overall budget for next season

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

PFA Team of the Year: David de Gea, Kyle Walker, Jan Vertonghen, Nicolas Otamendi, Marcos Alonso, David Silva, Kevin De Bruyne, Christian Eriksen, Harry Kane, Mohamed Salah, Sergio Aguero

The specs

Engine: 2x201bhp AC Permanent-magnetic electric

Transmission: n/a

Power: 402bhp

Torque: 659Nm

Price estimate: Dh200,000

On sale: Q3 2022 

Updated: May 25, 2025, 9:13 PM