Iranian Foreign Minister Abbas Araghchi has proposed setting up an international organisation to study ways to counteract sanctions after meeting Russian and Chinese ministers at a Shanghai Co-operation Organisation summit on Tuesday.
Iran's economy is struggling under the weight of western sanctions imposed over Tehran's nuclear programme, which has been a source of friction for decades.
Iran relies heavily on economic links with Beijing and Moscow, and is part of the Shanghai Co-operation Organisation, a 10-nation Eurasian security and political grouping whose members also include China, Russia, India and Pakistan. Tianjin, in northern China, is hosting the organisation's 25th foreign ministers meeting.
Mr Araghchi said in a post on Telegram that the SCO should establish a “Centre for Studies and Counteraction to Unilateral Sanctions” to develop strategies to counter “illegal economic sanctions” and protect supply chains, banking systems and the trade exchanges of its member states.
He also sought support for Iran following its 12-day aerial war with Israel last month. Israel and the US launched air strikes on Iranian nuclear facilities which they said were part of a nuclear programme geared towards weaponisation. Tehran denies having any such plans.
Mr Araghchi said the Shanghai Co-operation Organisation should also “establish a permanent mechanism to monitor, document and co-ordinate responses to military aggression, acts of sabotage, state terrorism and violations of national sovereignty”.
“The SCO is gradually opening up its place in the global arena, meaning it is gradually going beyond the regional arena, and it has many different issues on its agenda, including in the economic, political and security fields,” he added.
He said he would be holding bilateral meetings with Russian counterpart Sergey Lavrov on the sidelines of the event. Iranian state news agency Irna said Mr Araghchi also met Chinese President Xi Jinping and would hold talks with Foreign Minister Wang Yi.
Mr Lavrov confirmed the meeting with Mr Araghchi had taken place and said they had discussed how to reach a peaceful solution to the Israeli conflict.
Since the reimposition of American sanctions on Iran during Donald Trump’s first term as US president, Tehran has deepened ties with Moscow through a 20-year strategic pact, as well as with Beijing, which buys as much as 90 per cent of Iranian oil exports.
Mr Araghchi's visit to China is his first since the 12-day war with Israel, during which Beijing adopted a posture of non-interference in the conflict.
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
MATCH INFO
Burnley 0
Man City 3
Raheem Sterling 35', 49'
Ferran Torres 65'
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
MATCH INFO
Schalke 0
Werder Bremen 1 (Bittencourt 32')
Man of the match Leonardo Bittencourt (Werder Bremen)
The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
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Dubai World Cup Carnival Card:
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7.05pm: Handicap $135,000 (Dirt) 1,200m
7.40pm: Zabeel Turf Listed $175,000 (T) 2,000m
8.15pm: Cape Verdi Group Two $250,000 (T) 1,600m
8.50pm: Handicap $135,000 (D) 1,600m
9.25pm: Handicap $175,000 (T) 1,600m
Honeymoonish
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'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
SPECS
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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
Killing of Qassem Suleimani
