Saudi Arabia's Minister of Foreign Affairs, Prince Faisal bin Farhan Al Saud, has said he “cannot rule out” a nuclear arms race in the region.
Speaking at the Munich Security Conference, he said the kingdom was concerned about Iran's nuclear programme and wanted negotiations between Tehran and world powers to resume.
At a session titled Middle Men: The Geostrategic Role of Middle Eastern Countries, Prince Faisal said: “If one state gets nuclear weapons, especially one that has expressed aggression towards its neighbours, I think everyone will start thinking about how to protect themselves.
“I hope that never happens. If it is a genie that gets out, it will be very hard to put back into the bottle.
“We need to see a return to negotiations, but we need a holistic approach. We think we should be taking part in any future discussions. We feel it might be quite useful that we address this issue with our international partners.
“The GCC states who are most threatened by a nuclear Iran need to be engaged in those negotiations.
“We are concerned that discussions to return to the JCPOA [the 2015 Joint Comprehensive Plan of Action] have effectively stopped and that’s a huge risk to regional instability.”
Kuwait's Foreign Affairs Minister, Sheikh Salem Abdullah Al Jaber Al Sabah, said his country was against nuclear weapons.
“We are big supporters of a nuclear-free Middle East,” he said.
“We are against any country in the region acquiring nuclear capabilities.”
Prince Faisal said the kingdom had not taken sides in Russia's war with Ukraine and it has open dialogue with both countries.
In terms of the international oil market, he said communication with Russia is important.
“We in the GCC have a collective policy on the conflict on Ukraine. We condemn the invasion but we also continue to have open dialogue with Russia,” he said.
“We believe there is a need to keep these channels of communication open so we are able to facilitate a dialogue and hopefully a cessation of hostility.
“We feel very strongly that sustaining the stability in the international oil market is not just in our own interests, but in the interests of the international community to make sure that we have visibility and we have clear signals to the market that ensure stability in the oil price which can protect the international economic situation.
“The GCC has a fairly unified position as regards Russia-Ukraine.”
Prince Faisal said the kingdom's relationship with the US remains “robust”.
“The US remains a key partner for all of us in the national security sphere,” he said.
“We are all focused on pursuing our own national interest and, for us and the kingdom, the primary drive is our developmental journey on how we can build sustainable development for our people, and the answer to that is Saudi 2030, and everything we do foreign policy wise is driven by that priority.
“Our interests and the US continue to align in almost every instance. My main priority is to my own country’s interest.”
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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
