More than a year after Parliamentary elections, Iraqi MPs have finally elected Abdul Latif Rashid as the country's new president.
After being elected on Thursday, Mr Rashid nominated Mohammed Shia Al Sudani as prime minister.
The position of president is largely ceremonial and is traditionally held by a Kurd.
Mr Rashid won against incumbent Barham Salih, who was running for a second term.
The US State Department issued a statement welcoming the end of the deadlock.
"As Iraq’s political leaders form a new government, we encourage them to bear in mind the will of the Iraqi people, who voted for a government responsive to their needs. The United States urges all parties to refrain from violence and to resolve differences amicably and peacefully through the political process," it said.
Mr Al Sudani's name had been floated around months before his nomination as a viable potential candidate for the position.
He now has 30 days to form a government.
Mr Rashid, 78, is a veteran politician, having served in high positions of government throughout his career.
Born in the northern city of Sulaymaniyah, in the Iraqi Kurdish region, he began his political career in his 20s after joining the Patriotic Union of Kurdistan party.
Mr Rashid achieved his degree in civil engineering from the University of Liverpool in the UK and continued his education there, earning a master's degree and a doctorate in engineering from the University of Manchester.
He then became Iraq's minister of water resources from 2003 to 2010, before being appointed as a senior adviser in the PUK by the late president Jalal Talabani, who was also the founder of the group and Mr Rashid's brother-in-law.
Mr Rashid was elected with 162 votes in a second round of voting on Thursday.
He had received 156 votes in the first round — short of the two-thirds majority needed to win. Mr Salih received 99 votes in both rounds.
Who is Mohammed Shia Al Sudani?
Now a prominent name among Shia circles, Mr Al Sudani was born in the country's capital, Baghdad, in 1970.
He attended the University of Baghdad, where he studied agricultural science and then project management.
His earliest brush with politics came when he joined the Islamic Dawa Party and took part in the 1991 uprisings against Saddam Hussein, president at the time, following the First Gulf War.
In 2004, Mr Al Sudani was appointed mayor of Amarah city, in south-eastern Iraq.
Mr Al Sudani comes from a well-known tribe in the southern province of Maysan, where he served as governor for a year.
In 2010, he was appointed human rights minister and a year later, briefly served as chairman of the Justice and Accountability Commission, which banned candidates linked to Saddam Hussein's Baath party from holding positions in government.
Mr Al Sudani also ran for election with the State of Law Coalition, which was led by former prime minister Nouri Al Maliki, with whom he has close ties.
The coalition is part of the Co-ordination Framework, that holds almost 40 seats in Parliament.
Last year, Mr Al Sudani created the Al Foraten Movement.
UAE currency: the story behind the money in your pockets
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
