US Secretary of State Antony Blinken met Saudi Crown Prince Mohammed bin Salman in Riyadh on Wednesday as part of a diplomatic push to “end the conflicts” in the Middle East. Mr Blinken “emphasised the need to end the war in Gaza, free the hostages and enable the people of Gaza to rebuild their lives free from Hamas", State Department spokesman Matthew Miller said in a readout of the meeting.
The visit is part of a Middle East tour pressing for a ceasefire in Gaza and diplomatic efforts to stop the conflict from spreading further across the region. On Tuesday he met the Israeli Prime Minister Benjamin Netanyahu in Jerusalem, where the pair discussed plans for the “day after the war” in Gaza and a “governing framework” for the devastated territory, Mr Netanyahu's office said.
Saudi Arabia has previously said it would not normalise relations with Israel without the establishment of a Palestinian state. But Mr Blinken told reporters before departing Israel that “there remains, despite everything that's happened, an incredible opportunity in this region to move in a totally different direction”.
“Saudi Arabia would be right at the heart of that, and that includes potentially normalisation of relations with Israel,” he added.
The US diplomat was due to visit Jordan and meet the kingdom’s Foreign Minister Ayman Safadi on Wednesday, but Jordan's Foreign Ministry said late on Tuesday that the visit had been postponed, without giving details. The announcement came after King Abdullah II of Jordan arrived in Riyadh before Mr Blinken’s visit to the Saudi capital. The King met Saudi Crown Prince Mohammed Bin Salman, official media in the two countries reported.
The Jordanian Royal Palace said the King and the Crown Prince focused on the need to intensify efforts to bring about ceasefires in Gaza and Lebanon. The two countries “fully” stand with their “Palestinian and Lebanese brethren”, it added.
Mr Blinken said during his trip to Israel that it was time to end the war in Gaza and urged Israel to take advantage of the killing of Hamas leader Yahya Sinwar last week and its dismantling of much of the militant group.
“Now is the time to turn those successes into an enduring strategic success. And there are really two things left to do; get the hostages home and bring the war to an end with an understanding of what will follow,” Mr Blinken said.
His tour is his 11th trip to the region since the outbreak of the Gaza war in October last year and his first since an escalation of fighting between Israel and Lebanon-based militants Hezbollah in the past two months.
Mr Netanyahu and Mr Blinken discussed efforts to broker a Gaza ceasefire and the release of Israeli hostages held in the enclave, as well as the humanitarian situation in the Palestinian territory and plans for after the conflict, the Israeli leader's office said. They also discussed an expected Israeli retaliation for a missile attack on Tel Aviv by Iran early this month.
The US, Egypt and Qatar have been leading efforts to secure a ceasefire deal for months but the talks hit a dead-end with the warring parties accusing each other of sabotaging a deal.
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
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
