It is early days yet, but there seems to be determination on the part of Saudi Arabia and Iran to tackle contentious issues between them in a bilateral manner. Both countries' desire for continued engagement, after the initial talks were hosted by Iraq – as confirmed by President Barham Salih – suggests that de-escalation of tensions and confidence-building measures could be the way forward.
Saudi Arabia and Syria are reportedly talking to each other, too. And although their outreach is independent of the Saudi-Iranian talks, it is natural that one could influence the other. Russia is supposedly playing a role in the Syria talks as Moscow seeks that country's restoration to the Arab League. This is in order for Damascus to attract Arab and international financing for the post-war reconstruction of Syria, while ensuring that Russian interests in the country are maintained.
Another sign that the countries of the Middle East are trying to resolve their differences and conflicts is the gradual improvement in relations between Egypt and Turkey.
Of course, it is too early to say if the region is starting a new chapter in its history. It is also naive for us to believe that the global powers are not involved in these developments. But it isn’t wrong to suggest that a reduced trust in and among some of these powers – notably the US, China and Russia – has contributed to regional players seeking rapprochement with one another.
The Saudi-Iranian talks, in particular, seem to have been triggered by a shared conviction that the US is difficult to rely on.
For the Saudis, the previous Trump administration’s support proved inadequate when its Aramco facility came under attack from the Iranian-backed Houthi rebels in neighbouring Yemen. Then, the current Biden administration failed to draw any of the Gulf states into future nuclear talks with Iran, as Washington insisted on separating the issue of Tehran’s nuclear weapons programme from that of its ballistic missiles programme and expansionist behaviour inside weaker Arab countries.
From the Iranian standpoint, trust in the US eroded considerably after former president Donald Trump withdrew his country from the nuclear deal, originally signed in 2015. America’s commitment to any deal it signs in the future is now being questioned and Tehran fears the JCPOA – as it is called – could be repealed again by a future administration, despite President Joe Biden’s stated intention to rejoin it.
Yet none of this means that the differences between the Kingdom and Islamic Republic are not vast. US presence in the region is a contentious issue for Tehran – as much as the Iranian regime’s ideology and proxy wars in the region are for the Arab states. This explains why these talks are supposedly taking place primarily through security channels.
The ongoing civil war in Yemen is the most pressing issue, as that country shares a long border with Saudi Arabia and has a strong presence of Iranian-backed proxy forces threatening Riyadh’s security. The talks are also focusing on bilateral relations, the nuclear deal and the future of Iraq.
Iraqi President Barham Salih called for an international anti-corruption coalition to help track and return funds. AP
The Saudi-Iranian talks seem to have been triggered by a shared conviction that the US is difficult to rely on
There seems to be an understanding between the two countries that Iraq and its security should be immunised from regional differences and that the country should be supported in order for it to play a positive role in the region. That is a positive step.
In a recent conversation, President Salih told me that Iraqi sovereignty is indeed an issue. His vision is for Iraq to become “a sovereign, stable, prosperous country that is a bridge between the various actors in this neighbourhood”, he added. “Iraq should decide the Iraqi issues, Iraqi sovereign issues like the military presence of any foreign country. [This] should be decided by the Iraqi government, by the Commander-in-Chief based on the requirements of Iraq.”
While reiterating that “both the Iraqi side and the United States do not want to see permanent presence of American troops here in Iraq”, Mr Salih also stressed on the importance of maintaining cordial relations with Iran, which is insecure of American security presence in the country. “We seek good relations with Iran. Iran is a vital and important neighbour of ours,” he said, pointing to Iranian support for its fight against ISIS in previous years.
Iraq is not the only country struggling to maintain its independence from Iran. The future of Lebanon is in question, too, with Hezbollah being a particular source of contention. Saudi Arabia has designated Hezbollah as a terror group and sees its role as subversive not only in Lebanon but in Syria and Yemen as well. But the group is integral to Iran’s proxy wars. This possibly explains why Lebanon's future has not been given as much priority by either country in their recent talks.
In truth, Lebanon has inflicted its own isolation upon itself, excluding itself from inter-Arab or Arab-Iranian negotiations in the process. In Iran’s view, Lebanon is just an annex, and in the Arab view, it is perhaps a hopeless case.
Its future, however, can be tied in with that of Syria, at least to some extent. If the Assad regime does manage to return to the Arab League, it should be facilitated in exchange for its respect for Lebanon’s sovereignty. It should refrain from using the border between the two countries to smuggle and loot at the expense of innocent Lebanese. Syria must pledge not to seek to restore its dominance over it.
All in all, it is remarkable that key Arab states are moving forward to shape their own destinies, and to seek the play a mediating role, whether it is with Iran or with Turkey. Time will tell if they succeed.
Raghida Dergham is the founder and executive chairwoman of the Beirut Institute and a columnist for The National
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
UAE currency: the story behind the money in your pockets
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
Iran's dirty tricks to dodge sanctions
There’s increased scrutiny on the tricks being used to keep commodities flowing to and from blacklisted countries. Here’s a description of how some work.
1 Going Dark
A common method to transport Iranian oil with stealth is to turn off the Automatic Identification System, an electronic device that pinpoints a ship’s location. Known as going dark, a vessel flicks the switch before berthing and typically reappears days later, masking the location of its load or discharge port.
2. Ship-to-Ship Transfers
A first vessel will take its clandestine cargo away from the country in question before transferring it to a waiting ship, all of this happening out of sight. The vessels will then sail in different directions. For about a third of Iranian exports, more than one tanker typically handles a load before it’s delivered to its final destination, analysts say.
3. Fake Destinations
Signaling the wrong destination to load or unload is another technique. Ships that intend to take cargo from Iran may indicate their loading ports in sanction-free places like Iraq. Ships can keep changing their destinations and end up not berthing at any of them.
4. Rebranded Barrels
Iranian barrels can also be rebranded as oil from a nation free from sanctions such as Iraq. The countries share fields along their border and the crude has similar characteristics. Oil from these deposits can be trucked out to another port and documents forged to hide Iran as the origin.
* Bloomberg
UAE and Russia in numbers
UAE-Russia ties stretch back 48 years
Trade between the UAE and Russia reached Dh12.5 bn in 2018
More than 3,000 Russian companies are registered in the UAE
Around 40,000 Russians live in the UAE
The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
The specs: Macan Turbo
Engine: Dual synchronous electric motors Power: 639hp Torque: 1,130Nm Transmission: Single-speed automatic Touring range: 591km Price: From Dh412,500 On sale: Deliveries start in October
Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
