Boris Johnson has spoken of his determination for Britain to become a major trading partner with the Gulf region after it has formally cut ties to the European Union, in an interview with The National.
The Prime Minister is struggling to strike terms with the EU for a new trade relationship and warned on Friday that a ‘no deal’ was becoming increasingly likely.
With that partnership in the balance, Mr Johnson suggested that Britain’s historical ties would present a useful platform to increased trade with countries like the UAE in the Gulf region.
Mr Johnson was asked what vision he had for Britain establishing greater links with the region as part of the UK’s future international strategy. “The Gulf is already the UK’s third biggest trading partner outside the European Union, and as we leave the EU I want to strengthen this relationship further,” he said.
“The UK will be looking to modernise our security and defence partnerships with the Gulf, support a sustainable transition towards cleaner energy and champion open and inclusive societies.”
With the potential of Britain leaving the EU without a deal, Mr Johnson is eager for a significant boost to international trade with countries outside the Eurozone. There has been a suggestion of setting up ten ‘free ports’ in Britain which would increase trade by having exemptions on duty and tax. Businesses in the Gulf countries have expressed interest in investing and building the special concessionary areas the government hopes to carve out.
Mr Johnson, who wrote After Rome, a book on early Islamic-period history, referred in his interview to Britain's long relationship with the area. "Britain has deep-seated ties to the Gulf region, dating all the way back to the Anglo–Omani Agreement in 1798 and the Maritime Treaty signed with the UAE exactly 200 years ago. Our climate and landscapes may be a little different, but we share a huge amount in terms of history, culture and a vision for the future."
In the last few years Britain's military has also increased its presence 'East of Suez,' sending more warships to the Gulf, including its new aircraft carrier HMS Queen Elizabeth in the next year. There are also strong ties between the UK's leading defence companies and Saudi Arabia and Oman, as well the UAE.
As a reminder of the living shared history, Mr Johnson also addressed contemporary ties.
“The UK’s partnerships with Gulf nations are incredibly important for our prosperity and security,” he said.
“Some 175,000 British nationals live in the Gulf, and before Covid affected all our lives, one million Brits visited each year – to do business, forge relationships and enjoy some of that fabled sunshine.”
Manchester City 4
Otamendi (52) Sterling (59) Stones (67) Brahim Diaz (81)
Real Madrid 1
Oscar (90)
The years Ramadan fell in May
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
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PREMIER LEAGUE FIXTURES
All times UAE ( 4 GMT)
Saturday
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Monday
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
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The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
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All games 6pm UAE on Sunday:
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Crystal Palace v Tottenham
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Man City v Norwich
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Southampton v Sheffield United
West Ham v Aston Villa
Russia's Muslim Heartlands
Dominic Rubin, Oxford
UAE currency: the story behind the money in your pockets
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
