British Prime Minister Boris Johnson has set out a plan to rip up Northern Ireland’s post-Brexit trading arrangement, saying it was an “insurance” policy if a new deal could not be reached with the European Union.
The situation with the Northern Ireland Protocol has reached an impasse, with the Democratic Unionist Party (DUP) refusing to join a new administration and form a new executive in Stormont unless its concerns over the agreement are addressed.
The prime minister travelled to Belfast on Monday to meet leaders of Stormont in a bid to make progress on the issue, but Mr Johnson also used the trip to warn Brussels that he is prepared to unilaterally rewrite the terms of the Brexit deal.
The move could lead to a trade war with the EU, but Mr Johnson is frustrated that talks with Brussels have not made sufficient progress.
“None of the parties — I spoke to all five parties just now — not one of them likes the way it’s operating, they all think it can be reformed and improved,” the prime Minister told reporters in Belfast.
Mr Johnson said “we would love this to be done in a consensual way with our friends and partners” in Brussels, “ironing out the problems, stopping some of these barriers” to goods crossing the Irish Sea from Britain.
“But to get that done, to have the insurance, we need to proceed with a legislative solution at the same time.”
Foreign Secretary Liz Truss is expected to set out plans for legislation to rewrite the protocol when she addresses MPs at Westminster on Tuesday.
The row over the protocol has prevented the formation of a new executive, with Sinn Fein’s president accusing Mr Johnson of “placating” the DUP over the issue.
Mr Johnson insisted he encouraged the DUP to join a new administration, saying: “I think everybody should be rolling up their sleeves and getting stuck in to the government of Northern Ireland.”
He added that “the issue they have is that they object to the operation of the protocol. We don’t want to scrap it, but we think it can be fixed”.
Sinn Fein’s president Mary Lou McDonald described a “fairly tough” meeting with Mr Johnson at Hillsborough Castle.
“It’s very clear to us that despite all of the rhetoric from the British government about re-establishing the executive here in the north, that in fact their priority is placating the DUP,” she said.
“We have said directly to him that proposed unilateral act of legislating at Westminster is wrong.
“It seems to us absolutely extraordinary that the British government would propose to legislate to break the law. It’s an extraordinary proposal and one that would amplify the bad faith with which the Tory government has conducted itself from the beginning of the entire Brexit debacle.”
DUP leader Sir Jeffrey Donaldson “set out in very clear terms” to Mr Johnson about what he believed is needed.
“We cannot go on like this,” the DUP leader said after meeting Mr Johnson.
“Clearly, we want a fully functioning executive and we want that to happen as soon as possible, and therefore, we’re looking now to the government.
“That’s what we’re looking for from our government, from our prime minister, it’s decisive action on the protocol.
“We’ve heard the words, now we need to see the action.”
Mr Johnson was booed and jeered by about 200 people who had gathered at the gates of Hillsborough Castle as his cavalcade drove in.
Campaigners for the Irish language, victims campaigners and anti-Brexit activists were among those in the crowd.
Sir Jeffrey rejected the suggestion that Mr Johnson was picking sides in the row over the protocol.
“This is the same Sinn Fein who were in Dublin this morning asking the Irish government to take their side,” he said.
“Sinn Fein do double standards very well.”
Taoiseach Micheal Martin said the deadlock between the UK and the EU can only be solved through “substantive talks” between the two sides.
Ireland’s Foreign Minister Simon Coveney, who was in Brussels on Monday for talks with his EU counterparts, said that the entire UK-EU Trade and Co-operation Agreement deal — the TCA — could be jeopardised if Mr Johnson takes unilateral action on the protocol.
Acting unilaterally “means tension, rancour, stand-offs, legal challenges and of course calls into question the functioning of the TCA itself, because the TCA and the Withdrawal Agreement are interlinked, they rely on each other”, he said.
Northern Ireland’s 1998 Good Friday or Belfast Agreement contains provisions to protect and develop relations both on a north-south basis on the island of Ireland and on an east-west basis between the island and Britain.
Mr Johnson claims the protocol has upset this “delicate balance” of unionist and nationalist aspirations by undermining the east-west dynamic.
A majority of MLAs in Stormont’s newly elected Assembly represent parties that support retaining the protocol, claiming that it offers Northern Ireland some protection from the negative economic consequences of Brexit.
They point to the unfettered access Northern Ireland traders have to sell into the EU single market as a key benefit of the protocol.
But the new Assembly has been unable to convene due to the DUP’s refusal to engage in the institutions until major changes to the protocol are secured.
In the latest election, Sinn Fein displaced the DUP to become the overall largest party in Northern Ireland for the first time.
The DUP remains the largest unionist party in the region and, under Stormont rules, a new executive cannot be formed unless it agrees to nominate to the post of deputy first minister.
The party has also blocked the nomination of a new Assembly speaker, meaning the legislature at Parliament Buildings cannot meet while the impasse continues.
Contention over the protocol was not Mr Johnson's sole focus on Monday as he also used his visit to pledge delivery of three pre-existing commitments: a stalled language and culture package; ensuring women and girls have full access to abortion services; and introducing new measures to deal with the legacy of the past.
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
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 National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Profile
Company name: Jaib
Started: January 2018
Co-founders: Fouad Jeryes and Sinan Taifour
Based: Jordan
Sector: FinTech
Total transactions: over $800,000 since January, 2018
Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups
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.”
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
The specs: 2019 Audi A8
Price From Dh390,000
Engine 3.0L V6 turbo
Gearbox Eight-speed automatic
Power 345hp @ 5,000rpm
Torque 500Nm @ 1,370rpm
Fuel economy, combined 7.5L / 100km
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
Courses%20at%20Istituto%20Marangoni%2C%20Dubai
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360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Results
2pm: Serve U – Maiden (TB) Dh60,000 (Dirt) 1,400m; Winner: Violent Justice, Pat Dobbs (jockey), Doug Watson (trainer)
2.30pm: Al Shafar Investment – Conditions (TB) Dh100,000 (D) 1,400m; Winner: Desert Wisdom, Bernardo Pinheiro, Ahmed Al Shemaili
3pm: Commercial Bank of Dubai – Handicap (TB) Dh68,000 (D) 1,200m; Winner: Fawaareq, Sam Hitchcott, Doug Watson
3.30pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Xavier Ziani, Salem bin Ghadayer
4pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,600m; Winner: Rakeez, Patrick Cosgrave, Bhupat Seemar
4.30pm: Al Redha Insurance Brokers – Handicap (TB) Dh78,000 (D) 1,800m; Winner: Capla Crusader, Bernardo Pinheiro, Rashed Bouresly
SPECS
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The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
Frida%20
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Company%20profile
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The%20specs
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Company%20profile
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The Outsider
Stephen King, Penguin
The specs
Engine: 6.2-litre V8
Power: 502hp at 7,600rpm
Torque: 637Nm at 5,150rpm
Transmission: 8-speed dual-clutch auto
Price: from Dh317,671
On sale: now
Brahmastra%3A%20Part%20One%20-%20Shiva
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Company%C2%A0profile
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