Saudi Crown Prince Mohammed gives annual royal speech on behalf of King Salman

Saudi Crown Prince Mohammed bin Salman has delivered the annual royal speech on behalf of King Salman for the first time on Wednesday.

The speech inaugurated the work of the 150-member Shura Council, in its fourth year, and addressed the kingdom's progress as well as the war in Gaza.

It acts as a road map for Saudi Arabia's domestic and international plan, council member Sheikh Abdullah Al Sheikh said.

Prince Mohammed said Saudi Arabia had pursued a foreign policy based on respect for the sovereignty of all countries, non-interference in their internal affairs and permanent commitment to international legitimacy.

The kingdom hosted a number of major summits that brought together more than 100 countries last year and worked to create an Arab and Islamic movement to stop Israeli aggression against Gaza, he said.

More than 21,100 people have been killed in Gaza since October 7, when Israel launched an air and ground campaign in retaliation for an attack led by Hamas that killed about 1,200 people.

In November, Saudi Arabia hosted an extraordinary joint Islamic-Arab summit in Riyadh with the Organisation of Islamic Co-operation and the Arab League.

The summit was held to address “the painful events facing our brothers in Gaza, through which the kingdom worked to create a joint Arab and Islamic movement to put pressure on the international community to take serious and firm stances to stop the Israeli aggression and allow humanitarian aid to enter Gaza”, Prince Mohammed said.

The summit adopted a final resolution that said: “We express our joint stance in condemning the brutal Israeli aggression against the Palestinian people in the Gaza Strip and in the West Bank, including Al Quds Al Sharif.

“We affirm addressing together this aggression and the humanitarian catastrophe that it causes.

"We seek to stop and end all Israeli illegal practices that perpetuate the occupation and deprive the Palestinian people of their rights, especially their right to freedom and to have an independent sovereign State on all their national territory.”

The summit was also Iranian President Ebrahim Raisi's first visit since Riyadh and Tehran reached a rapprochement deal in March, ending seven years of severed ties.

Vision 2030 and tourism

Prince Mohammed also hailed Saudi Arabia's economic progress under its Vision 2030 plan.

Riyadh's selection to host Expo 2030 “confirmed global trust in Saudi Arabia as an ideal host for the world's most prominent international forum”, he said.

Saudi Arabia hosted the Future Investment Initiative in October, which brought together 5,000 delegates from 90 countries.

Prince Mohammed also pointed to the kingdom's growing tourism sector.

“Our country achieved historic performance in tourism, during the first quarter of 2023, growing by 64 per cent, and we will continue to work on the process of economic transformation in accordance with the goals of the Vision 2030,” he said.

Visitors from 120 countries attended the World Tourism Day event in Saudi Arabia in September.

He said that the kingdom had advanced in many sectors, “including its progress in more than 50 per cent of the UN sustainable development indicators".

A light display after Riyadh won the right to host the 2030 World Expo, at King Abdullah Financial District in Riyadh on November 28. AFP

Prince Mohammed also hailed the successful handling of the Hajj and Umrah pilgrimages to the Islamic holy cities this year.

The kingdom welcomed more than 1.8 million who performed Hajj and more than 10 million Umrah pilgrims in this year, he said.

“Your country is continuing its development renaissance in accordance with Vision 2030 and its ambitious programmes, which, God willing, will contribute to the kingdom maintaining its advanced position globally, achieving further development and prosperity, and providing a decent life for citizens,” he said.

Last year, King Salman, 87, delivered the annual royal speech. This is the first year that his son has stood in for him.

Prince Mohammed, 38, is seen as representing the new generation of Saudi Arabia.

He became Crown Prince in 2017 and Prime Minister last year.

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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.

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