Sheikh Mohamed meets Egypt’s El Sisi and Israel’s Bennett in Sharm El Sheikh

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, attended a meeting in Sharm El Sheikh with Egypt's President Abdel Fattah El Sisi and Israeli Prime Minister Naftali Bennett.

The meeting focused on strengthening relations between their countries and the importance of cooperation, coordination and consultation to meet the aspirations of development and stability in the region, according to state news agency Wam.

The three leaders also discussed energy security and the stability of global markets.

Sheikh Mohamed arrived in Sharm El Sheikh on Monday and was accompanied on the visit by Sheikh Hazza bin Zayed, deputy chairman of Abu Dhabi Executive Council, Sheikh Hamdan bin Mohamed, Sheikh Mohammed bin Hamad, adviser for special affairs at the Ministry of Presidential Affairs, Reem Al Hashimy, Minister of State for International Co-operation, Ali Al Shamsi, deputy secretary general of the Supreme National Security Council, and Mohamed Al Mazrouei, undersecretary of Abu Dhabi Crown Prince Court.

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, left, with Abdel Fattah El Sisi, President of Egypt, centre, and Naftali Bennett, Prime Minister of Israel. Photo: Ministry of Presidential Affairs

An Egyptian presidential statement said the three leaders also discussed the fallout from "international developments, especially concerning energy and the stability of markets and food sufficiency."

The three leaders also exchanged "perspectives and views" on the latest developments of regional and international issues, the statement added.

Tuesday's meeting was the first to bring together the three leaders since the United Arab Emirates established ties with Israel in 2020. Egypt in 1979 became the first Arab state to sign a peace treaty with Israel.

"The leaders discussed ties between the three countries in the context of recent developments in the world and the region, and the ways to strengthen them on all levels," a statement from the Israeli prime minister's office said.

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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

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7 JuneBluesLost 22-16

10 JuneCrusadersWon 12-3

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20 JuneChiefsWon 34-6

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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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