Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi, and Israeli Prime Minister Benjamin Netanyahu have announced the establishment of a $10 billion fund aimed at boosting strategic sectors in Israel.
Sheikh Mohamed, also Deputy Supreme Commander of the UAE Armed Forces, and Mr Netanyahu shared a call on Thursday.
Alongside Israel, the UAE will invest in sectors including energy, manufacturing, water, space, health care and agri-tech.
The investment fund will support development initiatives to promote regional economic co-operation between the two countries.
Financial support for the fund will come from the government and private sector.
The fund builds on the historic Abraham Accords and aims to bolster economic ties between two of the region’s thriving economies, unlocking investments and partnership opportunities to drive socio-economic progress.
This initiative is an integral part of the historic peace accord signed by the UAE and Israel, and demonstrates the benefits of peace by improving the lives of the region’s peoples.
It is aimed to demonstrate a new spirit of friendship and co-operation between the two countries, and their common will to advance the region, the state news agency Wam reported.
Mr Netanyahu said on Thursday that he intended to visit the UAE “very soon”.
He is campaigning for re-election on March 23. Israel is in its fourth election campaign in two years.
Mr Netanyahu says Israel establishing ties with the UAE and three other Arab countries are among his proudest accomplishments, along with a successful Covid vaccine programme.
The UAE and Israel are also in talks to establish a quarantine-free travel corridor by April.
The corridor, which would apply only to passengers fully vaccinated against Covid-19, would allow travel for commercial, tourism and official reasons.
Meetings between the UAE's Ministry of Foreign Affairs and International Co-operation and its equivalent Israeli body are under way to negotiate the terms of a deal.
The two sides said it would increase the level of exchange after the historic Abraham Accords signed last year, and reinforce economic and other ties.
Earlier in the day, Mr Netanyahu’s office announced that his wife, Sara, had been admitted to hospital with an appendix infection.
It said she would remain in hospital for several days.
Ovo's tips to find extra heat
- Open your curtains when it’s sunny
- Keep your oven open after cooking
- Have a cuddle with pets and loved ones to help stay cosy
- Eat ginger but avoid chilli as it makes you sweat
- Put on extra layers
- Do a few star jumps
- Avoid alcohol
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Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
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
The specs: 2017 GMC Sierra 1500 Denali
Price, base / as tested Dh207,846 / Dh220,000
Engine 6.2L V8
Transmission Eight-speed automatic
Power 420hp @ 5,600rpm
Torque 624Nm @ 4,100rpm
Fuel economy, combined 13.5L / 100km
