Saudi Arabia will restore ties with Qatar, the kingdom’s foreign minister said on Tuesday.
Prince Faisal bin Farhan Al Saud told a press conference after the 41st Gulf Co-operation Council summit that Riyadh would restore diplomatic relations after signing Al Ula declaration.
“What happened today is ... the turning of the page on all points of difference and a full return of diplomatic relations,” Prince Faisal said following the landmark summit in the desert city of Al Ula.
Leaders of the six-member GCC signed two documents on Tuesday, the Al Ula Declaration and a final communique. Mohammed bin Salman, Crown Prince of Saudi Arabia, said the agreement affirms Gulf, Arab and Islamic solidarity and stability.
Saudi Arabia, Bahrain, the UAE and Egypt cut diplomatic, trade and transport ties with Qatar in 2017 over its support of extremist groups.
The summit, named this year in honour of two Gulf rulers who died in 2020, Oman’s Sultan Qaboos and Kuwait’s Sheikh Sabah, was centred on the themes of honesty and reconciliation.
“Today’s summit headed by Mohammad bin Salman was very important because it placed the security of the region at the forefront. No matter the differences, the leaders’ vision is to surpass those difficulties,” Prince Faisal said.
He thanked the late Kuwaiti emir and the US for their role in bringing about the easing of the rift.
“Strong political will” among the GCC leadership will be the guarantor that the Al Ula agreement is implemented, he said.
The participating countries have agreed not to “infringe on the sovereignty, threaten the security or target the social fabric” of any of the participating countries according to Al Ula declaration, Prince Faisal said.
GCC Secretary General Dr Nayef Falah Al Hajraf said the summit and resulting agreement “marks a new era of the GCC, representing a union of partnerships, strength and unity as we embark together on the fifth decade of this union.
“This historic summit reiterates the commitment of their majesties and highnesses of member states to achieving the council’s firm objectives to continue co-ordination and integration across all sectors,” he said.
“The future of the GCC in this new era, under the leadership of their majesties and highnesses, will foster development, ensure stability and security, and will provide hope and opportunity for the citizens of member states.”
On Monday, Saudi Arabia and Qatar agreed to open borders between their nations and Qatari Emir Sheikh Tamim said he would attend the summit in Al Ula.
Prince Mohammed met Sheikh Tamim on Tuesday. They “reviewed the bilateral relations between the two brotherly countries, and ways to enhance joint Gulf action”, Saudi Press Agency reported.
The UAE’s Minister of State for Foreign Affairs Dr Anwar Gargash told Sky News Arabia at the summit the nations involved had turned “the page of crisis and long-term disagreement”.
“I think there’s an optimism about the outcome of the Al Ula – and the statement of unity that emerged from the summit,” he said.
Dr Gargash said the crucial role of Saudi Arabia, the US and Kuwait played in bringing the rift to a close, and that the pandemic had shown the GCC faced challenges that “require a renewed closeness”.
“Undoubtedly, the aspect of extremism and terrorism has always been a point of contention in the last crisis and a main contention for the UAE and the region,” he said, referring to Qatar’s funding of extremist groups, which led the four to cut ties with Doha in 2017.
He said the agreement signed on Tuesday “has an aspect related to resisting extremism and terrorism and combatting it”.
Dr Gargash told CNN he was optimistic for the future of the group of six.
“I think we are quite honest about what we want to see. We want to see a region that is more stable, we want to steer away from threatening language and threatening action,” he said.
“I think this is the sort of message that we are sending today. The main thing that emerges from Al Ula is capable Saudi leadership and at the same time, a united GCC, trying to orient itself as one geostrategic grouping.”
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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
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.”
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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Mohammed bin Zayed Majlis
