Saudi Arabia will host peace talks on Ukraine this weekend to complement discussions at the summit in Copenhagen last month.
The talks on Saturday and Sunday were confirmed by a Saudi Foreign Ministry source. They follow the Ukraine Peace Summit held in the Danish capital.
The head of Ukraine’s presidential office, Andriy Yermak, confirmed late on Sunday that Saudi Arabia would host the discussions, during which a peace plan is expected to be discussed.
Musaed Al Aiban, a member of the cabinet of ministers and the kingdom’s National Security Adviser, has sent invitations to at least 30 countries expected to participate in the summit, Saudi pan-Arab Asharq Al Awsat newspaper reported.
A Saudi Foreign Ministry source also confirmed to The National that preparations have started for the two-day summit and that it would likely be in the coastal city of Jeddah, the same city which hosted Ukrainian President Volodymyr Zelenskyy as a surprise guest at the Arab League summit in May.
“The Ukrainian Peace Formula contains 10 fundamental points, the implementation of which will not only ensure peace for Ukraine but also create mechanisms to counter future conflicts in the world,” Mr Yermak said, confirming the talks would be held in Saudi Arabia, without naming Jeddah as the location.
“We are deeply convinced that the Ukrainian peace plan should be taken as a basis because the war is taking place on our land,” he added.
In the US, the White House National Security Council welcomed “the initiative of Saudi Arabia to host a meeting this upcoming weekend to discuss principles for peace in Ukraine and we appreciate Saudi Arabia’s engagement in this process”.
“We expect attendees will discuss the principles for peace and how we can achieve a just and durable peace in Ukraine,” a statement said.
Bernard Haykel, a professor of Near Eastern studies at Princeton University, said the talks were a way for Saudi Arabia to show its “diplomatic muscle”.
“They can talk to everyone, and I think that's part of the point, and they also have financial muscle,” Mr Haykel told The National.
The war in Ukraine has been “problematic” for Saudi Arabia, said Mr Haykel, with the kingdom reluctant to choose sides in the conflict. Helping to resolve the war would allow it to maintain relations with both the US and Russia.
“They don't consider this their war and they want to be able to remain on the good side of both the Russians and the Americans,” Mr Haykel added.
While Saudi Arabia has yet to publicly confirm the summit, Saudi-owned government channels have been running reports of the kingdom’s mediation efforts between Ukraine and Russia since Sunday.
The UK, South Africa, Poland and the EU are among countries that have confirmed attendance, according to sources who spoke to the Wall Street Journal, while US National Security Adviser Jake Sullivan is also expected to attend the summit in Jeddah.
Saudi Arabia and other countries played a pivotal role in arranging prisoner exchanges with Ukraine. In September, Russia released 10 prisoners of war captured in Ukraine after diplomatic mediation efforts by Saudi Crown Prince Mohammed bin Salman.
COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
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
HEY%20MERCEDES%2C%20WHAT%20CAN%20YOU%20DO%20FOR%20ME%3F
%3Cp%3EMercedes-Benz's%20MBUX%20digital%20voice%20assistant%2C%20Hey%20Mercedes%2C%20allows%20users%20to%20set%20up%20commands%20for%3A%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Navigation%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Calls%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20In-car%20climate%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Ambient%20lighting%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Media%20controls%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Driver%20assistance%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20General%20inquiries%20such%20as%20motor%20data%2C%20fuel%20consumption%20and%20next%20service%20schedule%2C%20and%20even%20funny%20questions%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EThere's%20also%20a%20hidden%20feature%3A%3C%2Fstrong%3E%20pressing%20and%20holding%20the%20voice%20command%20button%20on%20the%20steering%20wheel%20activates%20the%20voice%20assistant%20on%20a%20connected%20smartphone%20%E2%80%93%20Siri%20on%20Apple's%20iOS%20or%20Google%20Assistant%20on%20Android%20%E2%80%93%20enabling%20a%20user%20to%20command%20the%20car%20even%20without%20Apple%20CarPlay%20or%20Android%20Auto%3C%2Fp%3E%0A
