The leaders of the UK and EU were holding "final talks" on Monday to seal a Northern Ireland trade deal after months of haggling over Brexit.
European Commission president Ursula von der Leyen said the UK and EU were on the brink of a "new chapter" as she arrived in Britain for talks with Prime Minister Rishi Sunak.
She will meet King Charles as part of her trip, despite concerns such a meeting would drag the king into politics. Buckingham Palace said it was normal for him to meet visiting leaders.
Her meeting with Mr Sunak took place near the royal Windsor Castle, with any Brexit deal potentially labelled the Windsor Agreement.
If a deal is reached, Mr Sunak is expected to brief his Cabinet, hold a joint press conference with Ms von der Leyen and deliver a statement in the House of Commons.
“The Prime Minister wants to ensure any deal fixes the practical problems on the ground, ensures trade flows freely within the whole of the UK, safeguards Northern Ireland’s place in our union and returns sovereignty to the people of Northern Ireland," Downing Street officials said.
Mr Sunak faces a tough battle to sell any deal to fellow Conservatives and to unionist MPs from Northern Ireland, with the 25th anniversary of the Belfast, or Good Friday, peace agreement looming large.
A former leader of the Ulster Unionist Party, Steve Aiken, told The National there was "no trust" between the UK government and Northern Irish businesses.
"They are talking over Northern Ireland. They are not talking to Northern Ireland,” Mr Aiken said of the UK and the EU.
"The reason the Belfast Agreement worked was because the Northern Ireland parties were around the table at all stages. There was a degree of buy-in from all communities because they were all involved.”
EU negotiator Maros Sefcovic was expected to brief officials from the bloc's 27 member states once a deal is reached. Diplomats said they had not yet received any details.
The meeting comes after intensive negotiations with the EU over the past few months, in which there was "positive, constructive progress”, according to Downing Street.
The UK and the EU have been at loggerheads over Northern Ireland — the only part of the UK that shares a border with an EU member, the Republic of Ireland — since Britain's exit from the trade bloc became final in 2020.
When the UK left the EU, the two sides agreed to keep the Irish border free of customs posts and other checks because an open border is a key pillar of Northern Ireland’s peace process.
Under the agreement, there are checks on some goods entering Northern Ireland from the rest of the UK.
That angers British unionist politicians, who insist that the new trade border undermines Northern Ireland's place in the UK.
Northern Ireland's power-sharing government has been non-functional since the Democratic Unionist party (DUP) walked out a year ago over the Protocol.
Speaking on Monday ahead of the meeting, prominent Brexiteer Jacob Rees-Mogg refused to say whether he supported the potential deal.
"There are two things we need to know. One is what the DUP thinks, because the protocol itself sets out in its first article that it is subsidiary to the Good Friday Belfast agreement. So if the DUP think it doesn't meet that test that will be very influential among Conservative MPs,” he told Good Morning Britain.
"And I am afraid with all EU deals, the devil is in the detail.”
He said from what he had heard, Mr Sunak had "done very well”.
"But I am not sure he has achieved the objective of getting the DUP back into power sharing, which is the fundamental point of it,” said Mr Rees-Mogg.
The latest announcement opens the door for a possible unveiling of new protocol terms during the German politician’s visit on Monday.
The commission’s online calendar says Ms von der Leyen’s meeting with Mr Sunak on Monday will take place in Windsor.
Had Saturday led to a breakthrough, Downing Street had reportedly been keen to call the deal the “Windsor Agreement”.
Mr Sunak on Saturday told The Sunday Times that he planned to work all weekend to revise the terms as he tries to keep hardline Conservative Brexiteers and the Democratic Unionist Party on side.
He said he was “giving it everything we’ve got” to finalise a fix for the protocol, a Brexit treaty negotiated by former prime minister Boris Johnson.
The protocol, signed by Mr Johnson in 2020, was designed to prevent a hard border with Ireland after Brexit, with Northern Ireland continuing to follow EU rules on goods to prevent checks being needed when crossing into the Republic.
But the trade barriers between Northern Ireland and Britain created by the treaty have caused Unionist tension, with Mr Sunak admitting they had “unbalanced” the Good Friday Agreement that helped to end the Troubles in the province.
DUP leader Jeffrey Donaldson has issued seven tests that Mr Sunak’s new pact will have to meet to win the party’s backing.
They include addressing the “democratic deficit” of Northern Ireland being subject to EU rules while not having a say in them.
Mr Raab, who is also the Justice Secretary, appeared to set out some of what has been agreed to so far negotiations.
The Leave campaigner said it was “right that there is a Northern Irish democratic check” on new rules the EU makes that apply to Belfast — a hint that Mr Sunak has tried to address the DUP’s concern over the democratic deficit.
He indicated that reports of red and green lanes to ease customs checks in Northern Ireland were correct.
“Those are the kind of things we have been pushing for,” he told Sky News.
Several reports have suggested that trusted traders would be able to send goods from Britain into Northern Ireland without checks, while goods destined for Ireland and the EU’s single market would go through red inspection lanes.
Mr Raab said the cut to trade bureaucracy would lead to a “substantial scaling back” of the role of the European Court of Justice, but he refused to rule out it having a say on future legal cases.
The ability of European judges to rule on disputes involving EU laws in Northern Ireland is a particular problem for Tory Eurosceptics.
Mark Francois, chairman of the European Research Group (ERG) of anti-EU Conservative MPs, told Sky that “less of a role” for the Luxembourg court was “not enough” of a concession.
Mr Sunak is expected to face anger within his party if he does not give Parliament a vote on any agreement with Brussels.
Mr Raab was reluctant to commit to giving MPs a vote.
The Justice Secretary, facing a number of questions on whether a vote would take place, told Sky: “I think, inevitably, Parliament will find a way to have its say.”
Mr Francois warned that any attempt by Downing Street to “bludgeon this through the House of Commons without a vote of any kind would be incredibly unwise”.
Mr Sunak is keen for his party to unite in any vote, to avoid him having to rely on Labour votes, with Keir Starmer’s party offering its backing if he fixes the major protocol obstacles.
But Mr Francois said that without the DUP’s support for any protocol deal, the revisions are “simply not going to fly”, leading to speculation that the ERG could also withhold voting in favour.
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
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
TEST SQUADS
Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.
Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Play-off fixtures
Two-legged ties to be played November 9-11 and November 12-14
- Northern Ireland v Switzerland
- Croatia v Greece
- Denmark v Ireland
- Sweden v Italy
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The five pillars of Islam
BRAZIL%20SQUAD
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Racecard
7pm: Abu Dhabi - Conditions (PA) Dh 80,000 (Dirt) 1,600m
7.30pm: Dubai - Maiden (TB) Dh82,500 (D) 1,400m
8pm: Sharjah - Maiden (TB) Dh82,500 (D) 1,600m
8.30pm: Ajman - Handicap (TB) Dh82,500 (D) 2,200m
9pm: Umm Al Quwain - The Entisar - Listed (TB) Dh132,500 (D) 2,000m
9.30pm: Ras Al Khaimah - Rated Conditions (TB) Dh95,000 (D) 1,600m
10pm: Fujairah - Handicap (TB) Dh87,500 (D) 1,200m
Alita: Battle Angel
Director: Robert Rodriguez
Stars: Rosa Salazar, Christoph Waltz, Keean Johnson
Four stars
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
Off-roading in the UAE: How to checklist
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
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
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
The specs
Engine: 2.9-litre twin-turbo V6
Power: 540hp at 6,500rpm
Torque: 600Nm at 2,500rpm
Transmission: Eight-speed auto
Kerb weight: 1580kg
Price: From Dh750k
On sale: via special order
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UAE currency: the story behind the money in your pockets
McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
The 10 Questions
- Is there a God?
- How did it all begin?
- What is inside a black hole?
- Can we predict the future?
- Is time travel possible?
- Will we survive on Earth?
- Is there other intelligent life in the universe?
- Should we colonise space?
- Will artificial intelligence outsmart us?
- How do we shape the future?
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.”
AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
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On racial profiling at airports
The Dictionary of Animal Languages
Heidi Sopinka
Scribe