President Sheikh Mohamed on Wednesday told US Secretary of State Marco Rubio during talks in Abu Dhabi that the UAE strongly opposes any attempt to displace the Palestinian people from Gaza.
The UAE leader said that rebuilding efforts in Gaza should be underpinned by a “comprehensive and lasting peace” based on a two-state solution.
This was reinforced by Dr Anwar Gargash, diplomatic adviser to the President, who wrote on X that the UAE’s message “is with fair rights, alleviating human suffering, and supporting the path of peace, stability, and prosperity”.
Sheikh Mohamed and Mr Rubio also reviewed ways to strengthen long-standing ties between the countries in the discussions.
Mr Rubio arrived in the UAE for the latest stop on a Middle East tour in which efforts to end wars in Gaza and Ukraine have been top of the agenda.
According to a readout of the meeting provided by the US State Department, Mr Rubio conveyed his appreciation for the strong ties with the UAE.
“The Secretary discussed the UAE’s significant strides in both leading edge technology, artificial intelligence (AI), and quantum computing. He expressed his wish for the two nations to build on their already strong economic bonds,” State Department spokeswoman Tammy Bruce said, noting that the conversation also “encompassed the remaining challenges in Gaza”.
Mr Rubio, the former Florida senator who was appointed to President Donald Trump's administration last month, will be a key figure in guiding US foreign policy, particularly in supporting a global effort to bring about peace in Europe and the Middle East.
He met Sheikh Mohamed at the International Defence Exhibition and Conference (Idex), at Abu Dhabi National Exhibition Centre, and also held talks with Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs. Sheikh Mohamed also met Guido Crosetto, Italian Minister of Defence, at the conference.
Mr Rubio had been welcomed in Abu Dhabi by Reem Al Hashimy, Minister of State for International Co-operation, and Martina Strong, US ambassador to the UAE.
His visit to the Emirates comes a week after he spoke to Sheikh Mohamed by phone to discuss the Israel-Gaza war.
The UAE leader underlined the need to maintain security and stability in the region, based on a two-state solution.
They also discussed ways to strengthen co-operation across various fields as part of the strategic relationship between the nations.
Mr Rubio also took a tour of the Abrahamic Family House in Abu Dhabi alongside Mohamed Khalifa Al Mubarak, chairman of the Department of Culture and Tourism – Abu Dhabi, reported the US Mission to the UAE on social media platform X on Friday.
Mr Rubio has already visited Israel and Saudi Arabia in recent days and was also due to travel to Doha as part of the tour, the US State Department has said.
On Monday, Saudi Crown Prince Mohammed bin Salman told Mr Rubio that Riyadh was looking forward to working with Mr Trump's administration, and the two sides could work together towards positive outcomes for “many countries around the world”.
Prince Mohammed and Mr Rubio discussed regional developments during their meeting, before talks began on Tuesday in Riyadh between US and Russian officials.
“We're glad to work with you and with President Trump,” the Crown Prince told Mr Rubio. “His administration made a decision and we can work for positive things for Saudi Arabia and America, and also for many countries around the world.”
According to a statement on the meeting carried by Saudi state media, they discussed bilateral relations and ways to enhance and develop ties. There was no mention of Gaza in the Saudi statement.
Mr Rubio's trip comes after disputed proposals by Mr Trump to relocate Palestinians from the Gaza Strip and for America to “take ownership” of the enclave. Saudi Arabia responded swiftly at the time with a strongly worded condemnation and rejection of the proposal.
Video: Saudi Crown Prince Mohammed bin Salman receives US Secretary of State Marco Rubio
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Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
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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.
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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
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4. More beneficial VAT and excise tax penalty regime
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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
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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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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
