Live updates: Follow the latest on Israel-Gaza
Lord David Cameron will call for an immediate humanitarian pause in Gaza and look to encourage investment in the UK during talks at the World Economic Forum.
The Foreign Secretary will attend the summit on Monday, which is being held in Riyadh for the first time.
The Israel-Gaza war will be part of the agenda and Mr Cameron will work with Saudi Arabia and other allies to calm regional tensions.
The UK wants to see an immediate pause in the fighting to get more aid in and hostages out of Gaza, then progress towards a permanent and sustainable ceasefire.
The minister will also seek to deepen ties with partners in the Middle East and boost inward investment to the UK.
“It is a vital time to push for UK security and prosperity," he said.
"We will be backing important trade and investment projects that will create British jobs while discussing important security issues, including Israel and Gaza.
“The UK and Saudi Arabia share close ties that mean we can work together to tackle the biggest issues facing the Middle East and the rest of the world.
“Achieving an immediate pause in Gaza, releasing hostages and ensuring aid reaches those who need it most remains a top priority and we will continue to work with key partners in the region to that end.”
Two hundred days of Israel Gaza war – in pictures
It is Lord Cameron’s eleventh visit to the Middle East since becoming Foreign Secretary in November.
The US Secretary of State Antony Blinken is also scheduled to attend the summit to try to broker a ceasefire between Israel and Hamas and prevent a regional conflagration.
Saudi Arabia has worked with other countries to contain the Gaza war and avoid a spiralling regional conflict that could derail its economic reform agenda, known as Vision 2030.
Israel’s offensive in Gaza has killed more than 34,000 people, according to local health officials, and brought destruction across the territory.
It was sparked by Hamas’s October 7 attack on Israel in which militants killed around 1,200 people and abducted around 240 hostages.
The gathering in the Saudi Arabian capital will focus on revitalising global collaboration and access to development finance and energy.
Lord Cameron will speak at a session on rejuvenating growth.
His trip comes ahead of deputy foreign secretary Andrew Mitchell’s visit to Riyadh to co-host the second UK-Saudi development dialogue and the launch of the GREAT Futures campaign, which will promote UK business in Saudi Arabia.
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
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
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
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“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5