Saudi Arabia and the UK have signed an agreement that aims to strengthen ties between the two countries in a wide area of scientific and technological research.
UK government Science Minister Andrew Griffith and Saudi Arabia's Minister of Communications and Information Technology, Abdullah Alswaha, signed the deal in Riyadh on Monday.
It is hoped the agreement will lead to more collaboration on research and development on projects from food security to clean energy.
Mr Griffith is in Saudi Arabia to attend Leap 2024, the leading global technology conference also known as the "Digital Davos". He will meet senior figures from some of the kingdom's most promising sectors, such as space and life sciences.
"The Kingdom of Saudi Arabia is on an ambitious journey to modernise its economy and harnessing the power of science and technology is central to that transformation," Mr Griffith said.
"This is a huge opportunity for UK businesses, scientists and researchers."
Scientific and technological endeavours are a major part of Saudi Arabia's Vision 2030, the country's multibillion-dollar effort to diversify its economy.
Saudi Arabia’s aspirations
The deal sets out a framework for collaboration between the UK and Saudi Arabia across several tech sectors for advancements to be made in health care, combating climate change, development of space technology and capability, and more.
There are also plans to hold regular meetings, which will bring together key decision-makers from both countries’ research sectors, the first of which will take place later this year.
"Collaboration on a global scale is an essential part of realising the UK’s ambitions in science and innovation," Mr Griffith said.
"The sheer scale of Saudi Arabia’s aspirations means this relationship will be a key part of our own hopes for science and tech in the years to come."
Britain already has strong and significant economic links with Saudi Arabia. The Saudi Basic Industries Corporation (Sabic) and Alfanar have committed to investing a combined total of £1.85 billion ($2.35 billion) into decarbonisation and clean-energy technology in Teesside in the north-east of England.
In January, the UK and Saudi Arabian governments discussed plans regarding possible future joint ventures in space and innovation, including the potential to invest in the development of space-based solar power.
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
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
