The UAE, Israel and the US have agreed to develop a joint strategy to boost co-operation in the energy sector.
The three countries will work together on renewable energy, energy efficiency, oil, natural gas resources and related technology, as well as water desalination technology, according to a statement carried by state news agency Wam on Thursday.
“Together, our dynamic economies will look to leverage world-leading research and development capacities to meet the needs of current and future generations,” the statement said.
“We will also seek to find solutions to the energy challenges faced by the Palestinian people through the development of energy resources, technologies, and related infrastructure.”
The joint statement was issued by the UAE’s Minister of Energy and Infrastructure, Suhail Al Mazrouei, US Secretary of Energy, Dan Brouillette, and Israel’s Energy Minister, Yuval Steinitz.
The UAE became the first Gulf country to normalise diplomatic ties with Israel after it formally signed the Abraham Accord in Washington last month.
Experts say there is a great potential for co-operation between the two countries within the energy sector, particularly in renewables, following the accord.
As a net importer of energy, Israel has gradually built up its renewables capacity. As of last year, the country had more than 1.4 gigawatts of solar power capacity, just behind the UAE and Egypt. Israel intends to increase its solar power capacity to 15 gigawatts by 2030 at a cost of $22 billion (Dh80.8bn).
The UAE, Israel and the US will also co-ordinate with financial institutions and the private sector for investment in research and development as well as in the rapid adoption of new energy technologies, the statement added.
The UAE accounts for 4 per cent of global crude output, much of it is from oilfields in Abu Dhabi. The country is diversifying its energy mix, adding solar and nuclear sources to its grid, as it looks to free up crude for export.
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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
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The UN General Assembly President in quotes:
YEMEN: “The developments we have seen are promising. We really hope that the parties are going to respect the agreed ceasefire. I think that the sense of really having the political will to have a peace process is vital. There is a little bit of hope and the role that the UN has played is very important.”
PALESTINE: “There is no easy fix. We need to find the political will and comply with the resolutions that we have agreed upon.”
OMAN: “It is a very important country in our system. They have a very important role to play in terms of the balance and peace process of that particular part of the world, in that their position is neutral. That is why it is very important to have a dialogue with the Omani authorities.”
REFORM OF THE SECURITY COUNCIL: “This is complicated and it requires time. It is dependent on the effort that members want to put into the process. It is a process that has been going on for 25 years. That process is slow but the issue is huge. I really hope we will see some progress during my tenure.”
British Grand Prix free practice times in the third and final session at Silverstone on Saturday (top five):
1. Lewis Hamilton (GBR/Mercedes) 1:28.063 (18 laps)
2. Sebastian Vettel (GER/Ferrari) 1:28.095 (14)
3. Valtteri Bottas (FIN/Mercedes) 1:28.137 (20)
4. Kimi Raikkonen (FIN/Ferrari) 1:28.732 (15)
5. Nico Hulkenberg (GER/Renault) 1:29.480 (14)
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