US president-elect Donald Trump's nominated Middle East envoy Steve Witkoff is already playing a key role in negotiations for a ceasefire between Israel and Hamas, even though his job does not officially begin until next week.
The billionaire real estate developer was in the Middle East at the weekend, when he visited Prime Minister Benjamin Netanyahu and joined mediators in Qatar as Israel and Hamas negotiate a final draft of the text for a ceasefire and hostage-detainee exchange deal.
The proposed deal is not substantively different from the one first put forward by the Biden administration in May last year. Israel and Hamas have accused each other of sabotaging the agreement whenever it appeared to be near finalised.
Mr Trump, who takes office on Monday, last week said “all hell will break out in the Middle East” if the remaining hostages are not released by the time he is sworn in. According to The Times of Israel and other Israeli outlets, Mr Witkoff leaned hard on Mr Netanyahu to accept the deal when the two met in Israel on Saturday.
Speaking alongside Mr Trump in Florida last week, Mr Witkoff, 67, made his first appearance on the world stage as the incoming Middle East envoy.
He said he was “really hopeful” that he and his team would “have some good things to announce” by Mr Trump's January 20 inauguration in Washington.
Mr Trump, also a New York real estate developer, gave the first hint that Mr Witkoff might play a key role in a second Trump presidency during the Republican National Convention in Milwaukee last year.
In a speech at the RNC, Mr Witkoff paid tribute to his friend and made it clear that the two men shared a deep and meaningful bond, describing him as a “kind and compassionate man”.
Mr Witkoff is the president-elect’s golf partner and was with Mr Trump when he was the target of a second attempted assassination at his golf club in West Palm Beach, Florida, in September. His son recently named his child after Mr Trump, a move that touched the president-elect.
“Congratulations to Zach and Sophi Witkoff on the birth of their son, Don James Witkoff (DJW), named after me (Thank you),” Mr Trump said on Truth Social.
Before his selection for Middle East envoy, Mr Witkoff was not known to have any diplomatic or Middle East experience. Mr Trump described him as “a highly respected leader in business and philanthropy, who has made every project and community he has been involved with stronger and more prosperous".
“Steve will be an unrelenting voice for peace, and make us all proud,” the president-elect said in a statement.
The fact that Mr Witkoff shares such a strong and public bond with Mr Trump will probably allow those with whom he interacts to know that he speaks on the president's behalf, which is key for any diplomat to be successful.
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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
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The specs: Volvo XC40
Price: base / as tested: Dh185,000
Engine: 2.0-litre, turbocharged in-line four-cylinder
Gearbox: Eight-speed automatic
Power: 250hp @ 5,500rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 10.4L / 100km
