US President Donald Trump hailed the UAE as a crucial partner in securing peace in the Middle East, as he spoke at the White House with Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and National Security Adviser.
Mr Trump said the key discussions – held as part of Sheikh Tahnoon's official visit – centred on efforts to strengthen co-operation on the economy and technology and served to highlight the “long-standing ties and bonds of friendship” between the nations.
Mr Trump, in a post on his Truth Social platform shared on X, said he had hosted Sheikh Tahnoon for meetings and a dinner on Tuesday evening also attended by prominent US officials.
“The evening demonstrated the long-standing ties and bonds of friendship between our countries. UAE and the US,” Mr Trump wrote.
“UAE and the US have long been partners in the work to bring peace and security to the Middle East and the world.
“Discussions also included ways for our countries to increase our partnership for the advancing of our economic and technological future.”
Sheikh Tahnoon said talks with Mr Trump focused on the future of the long-term strategic partnership in place between the allies and “reinforcing our shared vision for prosperity and progress”.
“The UAE remains committed to strengthening its economic ties with the US by accelerating investments in artificial intelligence, advanced technology, infrastructure, energy and health care – key pillars for sustainable growth and development,” Sheikh Tahnoon wrote on X.
“The approach of the leadership of both countries and their economic policies represents a significant impetus for encouraging foreign direct investment and strengthening the existing economic partnership between the two nations.”
Boosting ties
On Monday, Sheikh Tahnoon met Trump administration officials and business leaders at the White House for discussions on artificial intelligence, economic co-operation and investment partnerships.
During the visit, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Yousef Al Otaiba, Minister of State and the UAE's ambassador to the US, met US Vice President JD Vance.
They met Mr Vance “to discuss deepening UAE-US collaboration on supporting energy investment and abundance, technological leadership, and unleashing unprecedented economic growth”, the UAE embassy in the US said in a post on X.
Sheikh Tahnoon also met US Treasury Secretary Scott Bessent on Tuesday for talks aimed at bolstering partnerships in the economy, finance and advanced technology.
On the same day, the Abu Dhabi government announced the signing of an agreement with Microsoft and Core42 to enhance the efficiency of government services in the digital sphere during the official visit.
The agreement between the Department of Government Empowerment, Microsoft and Core42 was signed in the presence of Sheikh Tahnoon and Khaldoon Al Mubarak, Chairman of the Executive Affairs Authority and member of the Council for Artificial Intelligence and Advanced Technology.
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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
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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