The UK and EU have formally agreed a post-Brexit deal to overhaul trade rules for Northern Ireland after politicians approved the Windsor Framework. No 10 Downing Street
The UK and EU have formally agreed a post-Brexit deal to overhaul trade rules for Northern Ireland after politicians approved the Windsor Framework. No 10 Downing Street
The UK and EU have formally agreed a post-Brexit deal to overhaul trade rules for Northern Ireland after politicians approved the Windsor Framework. No 10 Downing Street
The UK and EU have formally agreed a post-Brexit deal to overhaul trade rules for Northern Ireland after politicians approved the Windsor Framework. No 10 Downing Street

UK and EU sign off on Windsor Framework at London meeting


Soraya Ebrahimi
  • English
  • Arabic

The Brexit deal for Northern Ireland has been formally approved by both the UK and the EU at an official meeting in London, chaired by Foreign Secretary James Cleverly and the European Commission's Maros Sefcovic.

The approval comes after the UK Government won the support of MPs for the Windsor Framework, including regulations to implement the Stormont brake.

Northern Ireland's Democratic Unionist Party (DUP) continues to oppose the deal, with no sign of a return to power-sharing.

The approval also paves the way for potential British participation in the EU's Horizon programme, with discussions likely to include science and research.

However, the continuing stand-off at Stormont suggests a return to power-sharing remains unlikely in time for the 25th anniversary of the Good Friday Agreement next month.

The brake introduces a democratic safeguard that will give Northern Ireland institutions, once restored, a role in the decision on whether significant new goods rules should apply in the region.

The Windsor Framework offers the best deal for Northern Ireland, the UK government said.

The EU also formally agreed to the key elements of the Windsor Framework during an EU Council meeting on Wednesday.

The UK and EU have amended the old protocol, fixing the practical problems and securing a new way forward for a prosperous, stable future for Northern Ireland.

“By formally approving the Windsor Framework, we are delivering on our commitment to provide stability and certainty for Northern Ireland,” Mr Cleverly said.

“The framework is the best deal for Northern Ireland, safeguarding its place in the union and protecting the Belfast [Good Friday] Agreement.

“I look forward to further effective co-operation with the EU on key issues, such as security and energy.”

What is the Windsor Framework? — video

Once the joint committee formally adopts the Windsor Framework, the UK government will look to begin enacting it.

Mr Cleverly and Mr Sefcovic will also both head the Partnership Council, which oversees the implementation, application and interpretation of the Trade and Co-operation Agreement.

The Partnership Council will cover wider UK-EU co-operation, including on issues such as the UK’s access to EU science and research programmes, energy, trade and security.

The UK will continue to work with the EU in a range of areas including research collaboration, but also strengthening sanctions against Russia as well as energy security and illegal migration.

Britain has also reached an agreement with Ireland and the European Commission on PEACE PLUS, the new cross-border and shared management programme that will promote peace and prosperity in Northern Ireland and the Border Region of Ireland.

The UK government will put forward a financing treaty in parliament on Friday that will allow parliamentary scrutiny before its entry into force.

PEACE PLUS will support continuing work to promote peace and reconciliation as well as contribute to the cross-border economic and territorial development of the programme area.

SPECS

Nissan 370z Nismo

Engine: 3.7-litre V6

Transmission: seven-speed automatic

Power: 363hp

Torque: 560Nm

Price: Dh184,500

HIV on the rise in the region

A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.

New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.

Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.

Access to HIV testing, treatment and care in the region is well below the global average.  

Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.

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.”

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BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

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Skoda Superb Specs

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UAE currency: the story behind the money in your pockets

Chelsea 2 Burnley 3
Chelsea
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Red cards Cahill, Fabregas (Chelsea)

Dubai Bling season three

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Rating: 1/5

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UAE currency: the story behind the money in your pockets
What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

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Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
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Funds raised: $22 million

Tesalam Aleik

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(Rotana)

The biog

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Favourite activities: Bungee jumping

Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.

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Released: 2017

Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon

Views: 5.3 billion on YouTube

Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification

Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.

Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

The specs

Engine: 2x201bhp AC Permanent-magnetic electric

Transmission: n/a

Power: 402bhp

Torque: 659Nm

Price estimate: Dh200,000

On sale: Q3 2022 

Updated: March 24, 2023, 2:49 PM