Handout photo released by the Venezuelan Presidency press office shows President Nicolas Maduro and his wife Cilia Flores watching a military parade on November 20. AFP Photo
Handout photo released by the Venezuelan Presidency press office shows President Nicolas Maduro and his wife Cilia Flores watching a military parade on November 20. AFP Photo
Handout photo released by the Venezuelan Presidency press office shows President Nicolas Maduro and his wife Cilia Flores watching a military parade on November 20. AFP Photo
Handout photo released by the Venezuelan Presidency press office shows President Nicolas Maduro and his wife Cilia Flores watching a military parade on November 20. AFP Photo

Iran ramps up arms transfers to Venezuela and plans regional strife


Robert Tollast
  • English
  • Arabic

Iran has ramped up weapons transfers, via sea and air, to the government of Nicolas Maduro in Venezuela, according to US Admiral Craig Faller.

Co-operation between the staunchly anti-American regimes is not unusual, but Adm Faller, who spoke to The Wall Street Journal on Thursday, said arms transfers could be part of a plan to threaten US interests across South America.

“We’re real concerned about what Iran is up to, not just globally, but here in this hemisphere,” Adm Faller said.

Iran has said it will retaliate not only for last Friday’s assassination of Iranian scientist Mohsen Fakhrizadeh but also for the death of high-ranking general Qassem Suleimani, who was killed in a US drone strike in Baghdad on January 3.

Any attack in response to these killings may not necessarily occur in the Middle East.

One of two Iranian airlines alleged to be supplying Mr Maduro with arms is Mahan Air. The US imposed sanctions on the civilian airline in October 2011, after Washington accused it of working on behalf of the Islamic Revolutionary Guard Corps to supply the forces of President Bashar Al Assad in Syria.

In October, an aircraft belonging to Qeshm Fars Air, also under US sanctions, landed in Caracas, showed the flight-tracking website Flightradar24.

New capabilities

Financial challenges facing Caracas and Tehran, which have worsened in 2020, could explain one area of reported co-operation – drones.

Conflicts such as the recent Nagorno-Karabakh war have shown that relatively inexpensive unmanned aerial vehicles (UAVs) can be devastating in a conventional conflict. No military power has yet developed proven countermeasures.

"Iranian arms transfers to Venezuela, especially UAV technology, would be a grave concern for the US and regional stability," said Ryan Berg, a research fellow at The American Enterprise Institute and specialist on security in Latin America.

"In the wake of another prominent assassination of someone linked to Iran's nuclear program, it is important to note that Iran has strategically penetrated several areas of South America, making retaliation for such a strike possible," he said.

"Through proxy groups like Hezbollah, the Iranians have struck in South America before, most devastatingly in Buenos Aires in 1992 and again in 1994," added Mr Berg, referring to devastating terrorist attacks targeting the Israeli embassy and a Jewish community group, killing over 100 people.

Drones would be particularly attractive to Venezuela, which has spent billions on more conventional Russian weapons such as the S-400 anti-missile system, equipment thought by some to be inoperable due to a lack of funds. But this has not stopped Mr Maduro from deploying his forces in the Caribbean, sending anti-aircraft missiles to the island of Orchila in May.

Mr Maduro also announced that his country was developing its own drones, technology on which Iran and Venezuela have been co-operating since 2012.

During a televised speech by Mr Maduro, made in an aircraft hangar on November 20, analysts noted what appeared to be a model of an Iranian Mohajer-6 unmanned combat aerial vehicle.

This suggests Tehran is serious about helping Venezuela to develop more nimble capabilities to complement its underfunded conventional military.

Caribbean attack?

Iran claims one of its recent drones, the Kian, has a 965-kilometre range, which means that Tehran could – if the IRGC desire, harass US interests or those of its allies across much of the Caribbean, as Iran has targeted US interests, including the oil infrastructure of allies, across the Gulf.

If Iran decides to strike US interests in the Caribbean, the IRGC could claim innocence, particularly if forces loyal to Mr Maduro have the equipment to conduct the attack.

Tehran has used similar tactics in Iraq and Yemen. After missiles struck oil processing infrastructure at Abqaiq in Saudi Arabia in September 2019 – one of the largest attacks on oil infrastructure in history – Iran denied any role. Houthi militias, backed by Iran, claimed credit, but a UN report in June 2020 concluded the missiles used in the attack were "of Iranian origin".

Militia franchise

In 2010, a partially redacted Pentagon report was released to Congress, stating that the IRGC had established networks “in Latin America, particularly Venezuela”.

Whatever Iran’s intentions – to supply fuel and condensate for Mr Maduro’s ailing regime in exchange for Venezuelan gold, or something more hostile, Tehran’s involvement is quickly reaching an advanced stage.

In September, former chief commander of the IRGC, Maj Gen Yahya Rahim Safavi told the state-run Mehr News Agency that Iranian advisers were creating a “popular force” of militias in Venezuela.

Caracas already has a large force of paramilitaries, akin to Iran’s Basij militia and Iran-backed elements of Iraq's Popular Mobilisation Forces. These groups have taken part in brutal crackdowns on demonstrators.

Even if Tehran’s aims are not openly hostile to US interests in the Caribbean, Iranian assistance to Venezuela will likely strengthen Mr Maduro’s rule.

The arms transfers are "bad news for average Venezuelans, as their government prioritises buying weapons over attending to the country's unfolding humanitarian crisis," said Mr Berg.

Citizenship-by-investment programmes

United Kingdom

The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).

All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.

The Caribbean

Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport. 

Portugal

The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.

“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.

Greece

The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.

Spain

The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.

Cyprus

Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.

Malta

The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.

The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.

Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.

Egypt 

A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.

Source: Citizenship Invest and Aqua Properties

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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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Company name: Overwrite.ai

Founder: Ayman Alashkar

Started: Established in 2020

Based: Dubai International Financial Centre, Dubai

Sector: PropTech

Initial investment: Self-funded by founder

Funding stage: Seed funding, in talks with angel investors

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5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly

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7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel

7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel

Directed by: Craig Gillespie

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Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m