Trump says he may deserve Nobel Peace Prize for Abraham Accords and pledges to add nations

US President Donald Trump on Thursday said he may deserve the Nobel Peace Prize for advancing the Abraham Accords under his first term, and that he would be “filling it up” with more countries.

Speaking from the Oval Office during a meeting with Norwegian Prime Minister Jonas Gahr Store, Mr Trump said he believed more countries would soon sign the landmark agreement under which four Arab countries normalised relations with Israel.

“Maybe for the Abraham Accords,” he said in response to a journalist's question over whether he thought he deserved a Nobel Peace Prize. “I don't want to get ahead of myself in this one, but they say for the Abraham Accords.”

The accords were signed at the White House in 2020. The UAE and Bahrain were the first to sign, later followed by Morocco and Sudan.

Former president Joe Biden, whose term began in 2021, tried to expand the agreements to include Saudi Arabia, but efforts ground to a halt amid the war in Gaza.

“We have four [countries] and Biden did nothing on that one too,” Mr Trump said. “It's the same four but they're great countries, and they were brave doing it and it's worked out very well.”

Mr Trump, who is now several months into his second term in office, has vowed to restart efforts to expand the series of treaties.

Next month, he is scheduled to visit Saudi Arabia, the UAE and Qatar in his first major foreign trip. The Abraham Accords are expected to be one of several agenda items.

Brave CF 27 fight card

Welterweight:
Abdoul Abdouraguimov (champion, FRA) v Jarrah Al Selawe (JOR)

Lightweight:
Anas Siraj Mounir (TUN) v Alex Martinez (CAN)

Welterweight:
Mzwandile Hlongwa (RSA) v Khamzat Chimaev (SWE)

Middleweight:
Tarek Suleiman (SYR) v Rustam Chsiev (RUS)
Mohammad Fakhreddine (LEB) v Christofer Silva (BRA)

Super lightweight:
Alex Nacfur (BRA) v Dwight Brooks (USA)

Bantamweight:
Jalal Al Daaja (JOR) v Tariq Ismail (CAN)
Chris Corton (PHI) v Zia Mashwani (PAK)

Featherweight:
Sulaiman (KUW) v Abdullatip (RUS)

Super lightweight:
Flavio Serafin (BRA) v Mohammad Al Katib (JOR)

UAE currency

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Meydan racecard:

6.30pm: Al Maktoum Challenge Round 2 (PA) Group 1 | US$75,000 (Dirt) | 2,200 metres

7.05pm: UAE 1000 Guineas (TB) Listed | $250,000 (D) | 1,600m

7.40pm: Meydan Classic Trial (TB) Conditions | $100,000 (Turf) | 1,400m

8.15pm: Al Shindagha Sprint (TB) Group 3 | $200,000 (D) | 1,200m

8.50pm: Handicap (TB) | $175,000 (D) | 1,600m

9.25pm: Handicap (TB) | $175,000 (T) | 2,000m

10pm: Handicap (TB) | $135,000 (T) | 1,600m

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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