Saudi Aramco, the world's biggest oil producer, and Riyadh-based Advanced Electronics Company have signed a preliminary agreement to further develop the kingdom’s digital ecosystem and accelerate the localisation of digital businesses.
The partnership aims to spur the wider adoption of the Internet of Things, computing and communication, robotics, drones and semiconductors to complement the ongoing expansion of Saudi Arabia's digital ecosystem.
This, in turn, would maximise local content, contribute to the kingdom’s gross domestic product growth, create new jobs, accelerate digital talent development and enhance Aramco’s reliability and operational efficiency.
“This partnership aims to help us to develop technologies and local talent as we work with leading technology providers to add value to the company and wider economy,” Ahmad Al Sa’adi, Aramco's senior vice president for technical services, said in a statement on Thursday.
Saudi Arabia has taken various measures to accelerate the development of its digital expertise to diversify its economy away from oil.
The kingdom's technological advancements have complemented the reforms it had rolled out over the past few years, as it aims to become a dynamic business, tourism and cultural destination.
In September, Saudi Arabia announced that it will provide up to $4 million in loans to start-ups and small and medium enterprises in a bid to boost its digital economy and attract new investment in the sector.
Saudi Aramco, through its entrepreneurship arm Wa'ed, has become increasingly involved in supporting start-ups through investments, participating in funding rounds for tele-health platform Cura and FinTech firm Lamaa in the past few months.
This partnership aims to help us to develop technologies and local talent as we work with leading technology providers to add value to the company and wider economy
Ahmad Al Sa’adi,
senior vice president for technical services at Saudi Aramco
Earlier this month, Wa'ed said it had awarded up to 7.65m Saudi riyals ($2.04m) in new seed grants and venture funds to four Saudi start-ups.
As part of the partnership with AEC, Aramco included the industrial digital business under the investment programme Aramco Namaat, which aims to complement the establishment of various digital hubs in the kingdom.
“The co-operation with Aramco is expected to contribute to the efficiency and value of the supply chains in the industrial digital businesses, especially at the engineering, manufacturing and services level, across many systems and products used in the ICT, security and energy sectors,” said Ziad Al Musallam, president and chief executive of AEC, which is a wholly-owned entity of Saudi Arabian Military Industries.
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
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
