Saudi Crown Prince Mohammed bin Salman in Egypt for talks with El Sisi

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Saudi Arabia's Crown Prince Mohammed bin Salman held talks in Egypt on Tuesday with President Abdel Fattah El Sisi, as the two countries search for ways to end the war in Gaza. Officials said the visit by Prince Mohammed takes on added significance because of the critical situation in the region.

Egypt's presidency said in a statement that the two leaders signed an agreement to encourage and protect mutual investments and later witnessed the signing of an accord to form a Supreme Co-ordination Council to deepen co-operation. The new body will be co-chaired by Mr El Sisi and the Saudi Crown Prince.

The two leaders also reviewed efforts to develop the economic partnership between Cairo and Riyadh particularly in investment, trade and economic integration in the energy, transport and tourism sectors, according to the statement.

The leaders also discussed regional developments, particularly the situation in Gaza and Lebanon, the presidency statement continued. "They demanded that steps be taken to reach calm that includes a ceasefire in Gaza and Lebanon,” it added.

Egypt and Saudi Arabia, traditional allies widely seen as pillars of regional stability, tirelessly advocate a two-state solution to end the Palestinian-Israeli crisis, an outcome they view as vital to stability and prosperity in the Middle East.

In 1979, Egypt became the first Arab nation to sign a peace treaty with Israel. Relations between the two countries, however, have been their most tense in decades because of the Gaza war, which has killed more than 42,200 Palestinians and injured more than twice that number, according to the enclave's health authorities. Egypt borders Gaza and Israel.

The war has complicated prospects of Saudi Arabia establishing ties with Israel. Saudi officials have said relations with Israel would be impossible without steps towards recognising a Palestinian state.

Saudi Arabia and Egypt are close allies of the US and are bound by economic, social and cultural relations. The kingdom is host to the largest expatriate Egyptian community and is among Cairo's main financial backers. It has poured billions of dollars in grants, loans and investment into Egypt since Mr El Sisi took office a decade ago.

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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Saudi Crown Prince Mohammed bin Salman in Egypt for talks with El Sisi

Visit comes amid escalating crisis in the Middle East

Ten tax points to be aware of in 2026

Ain Dubai in numbers

Winners