Iranian foreign minister Mohammad  Zarif faces a tough challenge when he meets US secretary of state Rex Tillerson for the first - persuading the US to stick with the nuclear deal. Ozan Kose / AFP
Iranian foreign minister Mohammad Zarif faces a tough challenge when he meets US secretary of state Rex Tillerson for the first - persuading the US to stick with the nuclear deal. Ozan Kose / AFP

Tehran says Iran and Saudi Arabia will soon exchange diplomatic visits



Iran and Saudi Arabia will soon exchange diplomatic visits, Iranian foreign minister Mohammad Javad Zarif says, in a possible sign of tensions easing after the two countries cut ties last year.

It would be the first exchange of diplomats between the two countries since they cut ties in January 2016, after protesters stormed Saudi diplomatic posts in Iran in response to the kingdom's execution of a prominent Shiite cleric.

Speaking to the Iranian Students' News Agency (Isna), Mr Zarif also said Tehran was ready for dialogue with Riyadh to resolve regional crises.

Mr Zarif told Isna the diplomatic visits between Iran and Saudi Arabia would take place after this year's Hajj, which is due to start at the beginning of next month.

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"Visas have been delivered for the two sides," he said. "The final steps need to be completed so our diplomats can go inspect our embassy and consulate in Saudi Arabia and for Saudi diplomats to come inspect their embassy and consulate."

The announcement came as Qatar said it was restoring full diplomatic ties with Iran after also pulling its ambassador from the country in early 2016, in an act of solidarity with Saudi Arabia. That decision disregarded the demand of Saudi Arabia, the UAE and other Arab nations locked in a regional dispute with Doha that it lessen its ties to Tehran.

There have been signs of a thaw in relations between Saudi Arabia and Iran in recent months, including an agreement to allow Iranians to participate in this year's Hajj.

Iranians were unable to attend the annual pilgrimage last year after talks on security and logistics fell apart.

Tax authority targets shisha levy evasion

The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.

Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".

The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.

He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.

"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.

As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.

Top investing tips for UAE residents in 2021

Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.

Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.

Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.

Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.

Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.

Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.

Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”

Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.