With Britain's impending withdrawal from the European Union gathering pace, questions are inevitably being raised about the likely implications this will have on the continent's security arrangements.
Britain is not only Europe's largest military power, it is also home to Europe's most highly-regarded intelligence-gathering agencies. Apart from spending around £37 billion (Dh185 billion) a year on defence, the UK is also investing around £178 billion over the course of the next decade in state-of-the-art equipment, such as the new 65,000-tonne aircraft carriers, the first of which, HMS Queen Elizabeth, arrived at its home port of Portsmouth last month. Once the carriers enter service towards the end of the decade with their fleet of F-35B stealth fighters, one of their key tasks will be to patrol the vital shipping lanes of the Arabian Gulf.
Britain’s intelligence and security services, meanwhile, occupy a pre-eminent position among their European rivals, not least because of the close relationship they enjoy with their American counterparts, as well as their membership of the elite Five Eyes intelligence-gathering network set up at the end of the Second World War involving the UK, US, Canada, Australia and New Zealand.
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This means that the UK is uniquely placed to tackle Islamist terror groups such as Al Qaeda and ISIL. Indeed, information acquired by British agencies has helped to foil a number of significant terror plots, both in the UK and Europe.
But concerns that the existing edifice of Europe's defence and security infrastructure will be weakened as a result of Brexit have now become a key issue of the negotiations over Britain's future with the EU, with both sides seeking to make political capital out of the subject.
The security issue first became something of a political football during last year's referendum campaign, with "remainers" arguing that Britain's ability to defend herself against threats like Islamist-inspired terrorism and Russian aggression would be fatally compromised by leaving the EU. Brexiteers such as myself, on the other hand, adopted an entirely different position, namely that the UK's relationship with the EU had little, if anything, to do with national security considerations.
My own reasons for voting Brexit were more to do with the fact that I wanted Britain’s democratically-elected parliament, and not some bunch of unelected, patronising European technocrats, to govern my country.
About the only argument, though, that tempted me to vote "remain" was that made by Field Marshal Lord Bramall, the former head of Britain’s Armed Forces, who is also a veteran of the D-Day landings that launched the campaign to liberate Europe from Nazi Germany in June 1944.
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The Bramall argument goes something along the lines of: after all the blood and sacrifice Britain and her allies had made to save Europe from tyranny and end the enmity between long-standing foes, such as Germany and France, retaining the UK's membership of the EU was, for all the irkesome meddling of EU bureaucrats, a price worth paying in order to maintain peace and security on the continent.
In the end, I concluded this would be a valid argument were it not for the fact that, by leaving the EU, Britain is turning its back on Brussels, not Europe. On the contrary, after Brexit, the UK will continue to trade and work with our European counterparts in much the same way we do today – including in the realms of defence and security.
The key point to understand about Britain's military and security engagement with its European allies is that it is managed on the basis of arrangements that, with a few minor exceptions, are with bodies that have nothing to do with the EU.
Britain’s primary military engagement with Europe, for example, is undertaken through the Nato alliance, not Brussels.
Thus, Britain’s current military contribution to defending eastern Europe from further acts of military aggression by Russia operates under Nato command, not EU diktat.
Similarly, cooperation between Britain's MI6 intelligence-gathering agency and the rest of Europe is conducted on the basis of bilateral agreements with its European counterparts, with the secret service's long standing ties with France's DGSE intelligence agency and Germany's BND regarded being the most valuable.
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But British intelligence officers rarely, if ever, share any of their top secret intelligence material with the EU as it is regarded as being incapable of keeping such sensitive material secure from enemy agents.
Moreover, Britain's attitude towards the EU's existing security structures has always been lukewarm. London, for example, has long resisted the EU's attempts to establish its own defence force on the grounds it would undermine the Nato alliance. Thus, if the EU, as now seems likely, uses Brexit to revive its plans for an EU defence force, it will be doing more harm to undermine Europe's future security requirements than Britain's decision to leave.
Rather than seeking to build a new Euro-centric defence infrastructure to punish Britain for voting for Brexit, the EU would be better advised to take seriously British prime minister Theresa May’s offer this week for Britain to forge a “deep security partnership” with the EU after Brexit.
For if the EU decides to turn its back on the significant contribution Britain’s military and intelligence-gathering services have to offer, then it will be Europe, not Britain, that will ultimately be the loser.
Con Coughlin is the Telegraph’s Defence and Foreign Affairs Editor
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
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Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Day 3 stumps
New Zealand 153 & 249
Pakistan 227 & 37-0 (target 176)
Pakistan require another 139 runs with 10 wickets remaining
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
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How to avoid crypto fraud
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The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
IPL 2018 FINAL
Sunrisers Hyderabad 178-6 (20 ovs)
Chennai Super Kings 181-2 (18.3 ovs)
Chennai win by eight wickets
Destroyer
Director: Karyn Kusama
Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan
Rating: 3/5
UAE release: January 31
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
Teams: UAE, Bahrain, Saudi Arabia, Kuwait, Maldives, Qatar
Friday fixtures: 9.30am (UAE time) - Kuwait v Maldives, Qatar v UAE; 3pm - Saudi Arabia v Bahrain