The EU's 27 leaders met in Brussels on Thursday for emergency talks on boosting defence spending, as Washington indicates it will no longer provide security guarantees to Ukraine and the continent.
Ukraine's President Volodymyr Zelenskyy was invited to attend the talks in Brussels in a show of support from European leaders. They have expressed alarm at Washington's brutal withdrawal of support for Ukraine under President Donald Trump.
"This is a dangerous gamble with Ukraine's future," the EU's foreign affairs chief Kaja Kallas said. "I think we should not underestimate our own power when it comes to Europe, the economic power we have and the strength that we have here."
Mr Zelenskyy, who is scheduled to fly to Saudi Arabia on Monday, said he was "thankful" that his country was not alone. "These are not words, we feel it," he said.
Standing beside him, European Commission President Ursula von der Leyen said it was a "watershed moment". "Europe faces a clear and present danger, and therefore Europe has to be able to defend itself," Ms von der Leyen said.
There were calls to fill the gap left by the US, which has paused military aid to Ukraine. "This is a time to show for Europe: are we a global player, or are we just a club of discussions?" Lithuanian President Gitanas Nauseda said.
Europe must "spend, spend, spend" on defence, said Danish Prime Minister Mette Frederiksen. "The most important thing, to be very frank, is to rearm Europe," she said. "I don't think we have a lot of time."
Leaders agreed to back a five-point plan put forward by Ms von der Leyen. The plan, called “Rearm Europe,” could possibly raise €800 billion ($863 billion) in defence investments for the continent, while also benefitting Ukraine.
As part of that package, the Commission will provide €150 billion in loans to member states. "This is an exceptional measure, but it is the right measure for exceptional times," Ms von der Leyen said.
The EU will also ease budgetary rules to allow countries to increase their spending. About €15 billion was pledged by heads of state during Thursday's meeting, European Council President Antonio Costa said, although he did not name them.
"Today, we have shown that the European Union is rising to the challenge," Mr Costa said.
The EU will closely co-ordinate its plans with non-EU allies, with a debriefing planned on Friday for Iceland, Norway, the UK and Turkey, to be given by Ms von der Leyen, Mr Costa and Ms Kallas.
'Moving towards a truce'
Leaders agreed on a broad sequence of events for Ukraine, with French President Emmanuel Macron saying: "The idea is that we are first moving towards a truce – in the air, at sea and for civilian infrastructure – before discussing security guarantees in the broad sense, with the presence or not of European forces on Ukrainian soil."
The French leader, alongside UK Prime Minister Keir Starmer, has been pushing for a truce in Ukraine that would be followed by sending a European peacekeeping force.
Mr Macron has also floated the idea of sharing France's nuclear deterrence with the rest of the continent. France is the only EU country with nuclear weapons.
But earlier in the day, some leaders said that discussing nuclear deterrence was premature. "It needs time to decide … it's something new," Latvian Prime Minister Evika Silina said.
Mr Macron had previously announced that a meeting of chiefs of defence staff from a number of European countries will be held next week in Paris to further boost support to Ukraine's military and discuss the possibility of sending peacekeeping troops after a ceasefire deal is reached.
“Who can believe that this Russia of today will stop at Ukraine?” Mr Macron asked in a televised speech on Wednesday. “I want to believe that the United States will stay by our side but we have to be prepared for that not to be the case.”
US-Ukraine relations have turned sour after a disastrous meeting in the White House last Friday between Mr Zelenskyy and US President Donald Trump, who has since paused military aid to Ukraine.
Senior members of Mr Trump's entourage have held talks with opponents to Mr Zelenskyy in an attempt to pressure him to hold elections, despite the Ukrainian constitution barring elections under martial law, Politico reported on Thursday. A survey by the Kyiv International Institute of Sociology published last month showed that Mr Zelenskyy's approval ratings stood at 63 per cent.
But in a signal of the EU's enduring struggle to speak in one voice on security matters, its members also shied away from unanimously endorsing a concrete proposal made by the Ms Kallas, that would have forced each country to commit to contributing to Ukraine's defence needs, based on their gross national income.
This was intended to force EU countries that have contributed little so far to Ukraine's war needs to step up, The National understands. The financial effort by Baltic countries, and certain Western European countries such as the Netherlands, has been higher than others. Estonia has used 2.2 per cent of its GDP for Ukraine in the past three years, according to the Kiel Institute think tank's Ukraine tracker, while Italy has allocated 0.1 per cent.
The proposal, however, was mentioned in the conclusions of Thursday's meeting – a signal that it will continue to be discussed.
"The European Council calls on the Council to advance work swiftly on initiatives, notably that of the High Representative, to co-ordinate increased EU military support to Ukraine," they said.
EU countries that contribute less to Ukraine are often also the countries that do not spend the recommended 2 per cent of GDP on defence and have fiscal problems, an EU diplomat from a country that spends a significant amount on Ukraine said. “There is a link between the three, but we would like to see other countries do more,” said the diplomat.
Countries such as Italy and France are under considerable political pressure at home to reduce their budget spending. France's shortest-serving prime minister Michel Barnier was toppled in December after he tried to force through an unpopular budget bill.
Another obstacle in showing unanimity on Ukraine was Hungary, which supports the US approach of entering into direct talks with Russia.
Hungary was the only country to not endorse the the Ukraine conclusions at Thursday's meeting. Divergences with Hungary were acknowledged by Mr Costa, who played down divisions within the bloc.
"Twenty-six countries believe that the path to peace is by boosting the defence capacity of Ukraine," Mr Costa said. "Hungary has isolated itself from that consensus. It is on its own. An isolated country does not mean division."
Origin
Dan Brown
Doubleday
FIXTURES (all times UAE)
Sunday
Brescia v Lazio (3.30pm)
SPAL v Verona (6pm)
Genoa v Sassuolo (9pm)
AS Roma v Torino (11.45pm)
Monday
Bologna v Fiorentina (3.30pm)
AC Milan v Sampdoria (6pm)
Juventus v Cagliari (6pm)
Atalanta v Parma (6pm)
Lecce v Udinese (9pm)
Napoli v Inter Milan (11.45pm)
Directed by Sam Mendes
Starring Dean-Charles Chapman, George MacKay, Daniel Mays
4.5/5
Results
5pm: Warsan Lake – Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Dhaw Al Reef, Sam Hitchcott (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Al Quadra Lake – Maiden (PA) Dh80,000 (T) 1,600m; Winner: Mrouwah Al Gharbia, Sando Paiva, Abubakar Daud
6pm: Hatta Lake – Handicap (PA) Dh80,000 (T) 1,600m; Winner: AF Yatroq, George Buckell, Ernst Oertel
6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,600m; Winner: Ashton Tourettes, Adries de Vries, Ibrahim Aseel
7pm: Abu Dhabi Championship – Listed (PA) Dh180,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Zakher Lake – Rated Conditions (TB) Dh80,000 (T) 1,400m; Winner: Alfareeq, Dane O’Neill, Musabah Al Muhairi.
Prop idols
Girls full-contact rugby may be in its infancy in the Middle East, but there are already a number of role models for players to look up to.
Sophie Shams (Dubai Exiles mini, England sevens international)
An Emirati student who is blazing a trail in rugby. She first learnt the game at Dubai Exiles and captained her JESS Primary school team. After going to study geophysics at university in the UK, she scored a sensational try in a cup final at Twickenham. She has played for England sevens, and is now contracted to top Premiership club Saracens.
----
Seren Gough-Walters (Sharjah Wanderers mini, Wales rugby league international)
Few players anywhere will have taken a more circuitous route to playing rugby on Sky Sports. Gough-Walters was born in Al Wasl Hospital in Dubai, raised in Sharjah, did not take up rugby seriously till she was 15, has a master’s in global governance and ethics, and once worked as an immigration officer at the British Embassy in Abu Dhabi. In the summer of 2021 she played for Wales against England in rugby league, in a match that was broadcast live on TV.
----
Erin King (Dubai Hurricanes mini, Ireland sevens international)
Aged five, Australia-born King went to Dubai Hurricanes training at The Sevens with her brothers. She immediately struck up a deep affection for rugby. She returned to the city at the end of last year to play at the Dubai Rugby Sevens in the colours of Ireland in the Women’s World Series tournament on Pitch 1.
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
Results
Catchweight 60kg: Mohammed Al Katheeri (UAE) beat Mostafa El Hamy (EGY) TKO round 3
Light Heavyweight: Ibrahim El Sawi (EGY) no contest Kevin Oumar (COM) Unintentional knee by Oumer
Catchweight 73kg: Yazid Chouchane (ALG) beat Ahmad Al Boussairy (KUW) Unanimous decision
Featherweight: Faris Khaleel Asha (JOR) beat Yousef Al Housani (UAE) TKO in round 2 through foot injury
Welterweight: Omar Hussein (JOR) beat Yassin Najid (MAR); Split decision
Middleweight: Yousri Belgaroui (TUN) beat Sallah Eddine Dekhissi (MAR); Round-1 TKO
Lightweight: Abdullah Mohammed Ali Musalim (UAE) beat Medhat Hussein (EGY); Triangle choke submission
Welterweight: Abdulla Al Bousheiri (KUW) beat Sofiane Oudina (ALG); Triangle choke Round-1
Lightweight: Mohammad Yahya (UAE) beat Saleem Al Bakri (JOR); Unanimous decision
Bantamweight: Ali Taleb (IRQ) beat Nawras Abzakh (JOR); TKO round-2
Catchweight 63kg: Rany Saadeh (PAL) beat Abdel Ali Hariri (MAR); Unanimous decision
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Poacher
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERichie%20Mehta%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Nimisha%20Sajayan%2C%20Roshan%20Mathew%2C%20Dibyendu%20Bhattacharya%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
More on Quran memorisation:
MATCH INFO
Chelsea 0
Liverpool 2 (Mane 50', 54')
Red card: Andreas Christensen (Chelsea)
Man of the match: Sadio Mane (Liverpool)
Overview
Cricket World Cup League Two: Nepal, Oman, United States tri-series, Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
Manchester City 4
Otamendi (52) Sterling (59) Stones (67) Brahim Diaz (81)
Real Madrid 1
Oscar (90)
Challenge Cup result:
1. UAE 3 faults
2. Ireland 9 faults
3. Brazil 11 faults
4. Spain 15 faults
5. Great Britain 17 faults
6. New Zealand 20 faults
7. Italy 26 faults
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Schedule:
Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
23 Oct, 5th ODI, Sharjah
26 Oct, 1st T20I, Abu Dhabi
27 Oct, 2nd T20I, Abu Dhabi
29 Oct, 3rd T20I, Lahore
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Floward%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAbdulaziz%20Al%20Loughani%20and%20Mohamed%20Al%20Arifi%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EE-commerce%0D%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3EAbout%20%24200%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EAljazira%20Capital%2C%20Rainwater%20Partners%2C%20STV%20and%20Impact46%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E1%2C200%3C%2Fp%3E%0A
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
UAE currency: the story behind the money in your pockets
Brief scores:
Day 1
Toss: India, chose to bat
India (1st innings): 215-2 (89 ov)
Agarwal 76, Pujara 68 not out; Cummins 2-40
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
RESULTS
5pm: Handicap (PA) Dh70,000 1,400m
Winner: AF Tathoor, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh70,000 1,000m
Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
6pm: Maiden (PA) Dh70,000 2,000m
Winner: Aiz Alawda, Fernando Jara, Ahmed Al Mehairbi
6.30pm: Handicap (PA) Dh70,000 2,000m
Winner: ES Nahawand, Fernando Jara, Mohammed Daggash
7pm: Maiden (PA) Dh70,000 1,600m
Winner: Winked, Connor Beasley, Abdallah Al Hammadi
7.30pm: Al Ain Mile Group 3 (PA) Dh350,000 1,600m
Winner: Somoud, Connor Beasley, Ahmed Al Mehairbi
8pm: Handicap (PA) Dh70,000 1,600m
Winner: Al Jazi, Fabrice Veron, Eric Lemartinel
UAE SQUAD
UAE team
1. Chris Jones-Griffiths 2. Gio Fourie 3. Craig Nutt 4. Daniel Perry 5. Isaac Porter 6. Matt Mills 7. Hamish Anderson 8. Jaen Botes 9. Barry Dwyer 10. Luke Stevenson (captain) 11. Sean Carey 12. Andrew Powell 13. Saki Naisau 14. Thinus Steyn 15. Matt Richards
Replacements
16. Lukas Waddington 17. Murray Reason 18. Ahmed Moosa 19. Stephen Ferguson 20. Sean Stevens 21. Ed Armitage 22. Kini Natuna 23. Majid Al Balooshi
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
SRI LANKA SQUAD
Upul Tharanga (captain), Dinesh Chandimal, Niroshan Dickwella
Lahiru Thirimanne, Kusal Mendis, Milinda Siriwardana
Chamara Kapugedara, Thisara Perera, Seekuge Prasanna
Nuwan Pradeep, Suranga Lakmal, Dushmantha Chameera
Vishwa Fernando, Akila Dananjaya, Jeffrey Vandersay
Results
2pm: Handicap Dh 90,000 1,800m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).
2.30pm: Handicap Dh120,000 1,950m; Winner: Just A Penny, Sam Hitchcott, Doug Watson.
3pm: Handicap Dh105,000 1,600m; Winner: Native Appeal, Pat Dobbs, Doug Watson.
3.30pm: Jebel Ali Classic Conditions Dh300,000 1,400m; Winner: Thegreatcollection, Adrie de Vries, Doug Watson.
4pm: Maiden Dh75,000 1,600m; Winner: Oktalgano, Xavier Ziani, Salem bin Ghadayer.
4.30pm: Conditions Dh250,000 1,400m; Winner: Madame Ellingtina, Richard Mullen, Satish Seemar.
5pm: Maiden Dh75,000 1,600m; Winner: Mystery Land, Fabrice Veron, Helal Al Alawi.
5.30pm: Handicap Dh85,000 1,000m; Winner: Shanaghai City, Jesus Rosales, Rashed Bouresly.
RESULTS
6.30pm: Handicap (TB) $68,000 (Dirt) 1,600m
Winner: Hypothetical, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)
7.05pm: Meydan Sprint – Group 2 (TB) $163,000 (Turf) 1,000m
Winner: Equilateral, Andrea Atzeni, Charles Hills
7.40pm: Curlin Stakes – Listed Handicap (TB) $88,000 (D) 2,200m
Winner: New Trails, Fernando Jara, Ahmad bin Harmash
8.15pm: UAE Oaks – Group 3 (TB) $125,000 (D) 1,900m
Winner: Mnasek, Pat Dobbs, Doug Watson
8.50pm: Zabeel Mile – Group 2 (TB) $163,000 (T) 1,600m
Winner: D’bai, William Buick, Charlie Appleby
9.25pm: Balanchine – Group 2 (TB) $163,000 (T) 1,800m
Winner: Summer Romance, James Doyle, Charlie Appleby
10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watson
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
Results
Stage 5:
1. Jonas Vingegaard (DEN) Team Jumbo-Visma 04:19:08
2. Tadej Pogacar (SLO) UAE Team Emirates 00:00:03
3. Adam Yates (GBR) Ineos Grenadiers
4. Sergio Higuita (COL) EF Education-Nippo 00:00:05
5. Joao Almeida (POR) Deceuninck-QuickStep 00:00:06
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates 17:09:26
2. Adam Yates (GBR) Ineos Grenadiers 00:00:45
3. Joao Almeida (POR) Deceuninck-QuickStep 00:01:12
4. Chris Harper (AUS) Team Jumbo-Visma 00:01:54
5. Neilson Powless (USA) EF Education-Nippo 00:01:56
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
Itcan profile
Founders: Mansour Althani and Abdullah Althani
Based: Business Bay, with offices in Saudi Arabia, Egypt and India
Sector: Technology, digital marketing and e-commerce
Size: 70 employees
Revenue: On track to make Dh100 million in revenue this year since its 2015 launch
Funding: Self-funded to date
Avatar%20(2009)
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJames%20Cameron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESam%20Worthington%2C%20Zoe%20Saldana%2C%20Sigourney%20Weaver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
More on Turkey's Syria offence