Saudi Arabia’s Faisal bin Farhan: A united GCC will help to combat Covid-19

A united GCC will help in the fight against Covid-19, a senior Saudi official said, and he looked ahead to talks with the new US administration over how to deal with Iran.

Foreign minister Prince Faisal bin Farhan told the World Economic Forum that it was important that the GCC was in full co-operation. Saudi Arabia, along with the UAE, Bahrain and Egypt restored ties with Qatar earlier this month.

He said that without regional co-operation, it was much harder to have effective global action on important issues.

“That co-operation will only serve to bolster the global co-operation. We’ve heard again today that all the challenges that we face as a global community require working together, whether it’s something as novel as the Covid-19 outbreak – I’m sure we will have other similar challenges in the future – but also things like climate change,” he said.

Prince Faisal said it was important that there was equitable access to the Covid-19 vaccine, adding that it was important momentum was maintained despite some “unfortunate loss of that spirit”.

He did not single out any particular example, but the European Union and the UK are currently engaged in a dispute over vaccine access.

Asked about his views on the policies of US President Joe Biden’s new administration and Europe towards the Middle East, Prince Faisal – who once served as the Saudi ambassador to Germany – said his country was quite confident that by working together, the regional issues would be overcome.

“I think the region, and the region’s security, remains a key focus for both Europe and the US.

“We’ve heard a very clear statement from the Biden administration and the key people on foreign policy in the Biden administration that they are going to address the challenges within our region with very open eyes and a clear focus on making sure that we continue to have stability and security,” he said.

“We are of course going to have a dialogue about the various regional challenges, not least Iran’s destabilising activity and its ramping up of its nuclear programme.”

He said Saudi Arabia saw the challenges “as posing a risk, not just to the region but to the global community and global prosperity.”

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Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

UAE currency: the story behind the money in your pockets

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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Hachette Books

Key facilities

Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills

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.