The British Prime Minister Boris Johnson took a second class degree in Classics at Oxford and will be familiar with the Latin phrase “annus mirabilis”, or “wonderful year”.
In his “annus mirabilis”, 2019, Mr Johnson achieved his heart’s desire – becoming prime minister. In last December’s General Election, he annihilated his opponents and destroyed rebels in his own party by winning an 80 seat majority. He triumphed because he promised to “Get Brexit Done.” He then threatened the EU that he would walk away with “No Deal” unless they offered him “fantastic” terms, which meant the UK could “have our cake and eat it”.
Mr Johnson had enthusiastic support from the US President, which meant he could perhaps secure a rapid US-UK post-Brexit trade deal and reinvigorate the “special relationship”. Donald Trump praised Johnson publicly in terms even more glowing than he had used to describe North Korea’s leader Kim Jong-un.
Mr Trump said: “We have a really good man who’s going to be the prime minister of the UK now. He’s tough and he’s smart. They’re saying, ‘Britain Trump’. They call him ‘Britain Trump’ and people are saying that’s a good thing.”
If 2019 was Mr Johnson's “annus mirabilis” – he even managed to get divorced and father a new child – 2020 is Mr Johnson’s “annus horribilis”, a terrible year in which the wheels have come off the Johnson bandwagon. Brexit isn’t done. Mr Johnson set another self-invented deadline for finalising negotiations by mid-October.
Maybe something extraordinary this week will produce a rapid deal, or maybe not. Then the coronavirus pandemic exposed his personal as well as policy failures. He doesn’t do details, often doesn’t listen to expert advice, and has no clearly defined ideology or plan.
Instead Boris Johnson has a style, bragging like Donald Trump about his “world-beating” successes, which never quite exist in real life. He claimed UK coronavirus testing in 2020 would be “world-beating”. It isn’t. It is expensive and incompetent.
He himself caught the virus. The UK death rate is high. The arrival of a second wave has resulted in open rebellion from mayors in some of England’s great cities who say they are fed up with Mr Johnson’s chaotic “leadership”.
Mr Johnson’s cronies have been appointed to top positions. Companies with no experience in dealing with a viral epidemic have been awarded lucrative government contracts. TV comedians poke fun at him for mixed messages and an antiquated style of speaking.
Opinion polls now show the British Prime Minister is less popular than Labour's leader Kier Starmer. Conservative Members of Parliament are privately very uneasy that Mr Johnson is adrift in his high office.
Boris Johnson triumphed because he promised to 'get Brexit done', then threatened to walk away
It is bad but all the signs are that the “annus horribilis” could get even worse. Mr Johnson has shown no coherent plan for bearing down on coronavirus while the British economy is set to weaken still further.
On top of the pandemic, the self-inflicted wound of Brexit means that after four and a half years of blathering, the UK could face severe trade dislocation, confusion at British ports, a weakening of the currency and inevitably more job losses.
It appears that the Prime Minister has three options. The first is that Britain seeks yet another extension for more talks, but Brexit supporters will be furious at any further delay.
Option two is that to get a last minute deal Mr Johnson will – as he has done before – concede whatever the EU demands yet present it as a "fantastic success". Staunch Brexit campaigners like Nigel Farage will be even more furious and call it a "sell-out".
The third possibility is that there will be no deal, which will do massive self-inflicted damage to the UK economy. While Brexit hardliners may rejoice at No Deal, Mr Johnson will be faced with leading a government through years of economic turmoil, while financing the cost of existing economic damage from coronavirus. That presumably means unpopular tax rises.
As the former prime minister Tony Blair once put it to me, Mr Johnson ultimately must choose between “a pointless Brexit or a painful Brexit”, a deal which does profound damage to the British economy, or one which aligns Britain with Europe, does less damage but does indeed seem pointless.
If 2020 was bad, next year could be even worse. Polls suggest that in January 2021, it will be Joe Biden who is inaugurated President of the US. “Britain Trump” is already desperately trying to cosy up to “America Biden”, but given the way Mr Johnson derided the Obama presidency when Joe Biden was vice president, a warm Johnson-Biden relationship seems unlikely.
And so, out of the EU, probably out of favour with the White House, Mr Johnson might find British voters, after a terrible year, come to learn another Latin phrase in 2021 – “annus exitiabilis” or a “catastrophic year”.
Gavin Esler is a UK columnist for The National
England v South Africa schedule:
- First Test: At Lord's, England won by 219 runs
- Second Test: July 14-18, Trent Bridge, Nottingham, 2pm
- Third Test: The Oval, London, July 27-31, 2pm
- Fourth Test: Old Trafford, Manchester, August 4-8
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.”
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
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
BUNDESLIGA FIXTURES
Friday (All UAE kick-off times)
Borussia Dortmund v Eintracht Frankfurt (11.30pm)
Saturday
Union Berlin v Bayer Leverkusen (6.30pm)
FA Augsburg v SC Freiburg (6.30pm)
RB Leipzig v Werder Bremen (6.30pm)
SC Paderborn v Hertha Berlin (6.30pm)
Hoffenheim v Wolfsburg (6.30pm)
Fortuna Dusseldorf v Borussia Monchengladbach (9.30pm)
Sunday
Cologne v Bayern Munich (6.30pm)
Mainz v FC Schalke (9pm)
More from Neighbourhood Watch:
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
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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).
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Brief scores:
Day 1
Toss: South Africa, field first
Pakistan (1st innings) 177: Sarfraz 56, Masood 44; Olivier 4-48
South Africa (1st innings) 123-2: Markram 78; Masood 1-4
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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
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What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
