Here is the Routes News report.
A couple of sentences are particularly interesting:
The carriers will also be given the right to operate from the UK to intermediate points including Munich, Cologne, Paris, Zurich, Vienna and Athens.
The revised Air Service Agreement also reaffirmed the same rights for Emirates, Etihad and Air Arabia, Virgin Atlantic, British Airways, bmi and DHL. The designations for the defunct carriers Silverjet and UK International Airlines were cancelled.
This seems to imply that the UK has given permission for RAK and flydubai (and indeed Emirates, Etihad and Air Arabia!) to fly from the UK to Munich, Cologne, Paris, Zurich, Vienna and Athens. Given that this is a UK/UAE MOU, the UAE side would still need to get equivalent approval from the other European countries, but this seems to suggest that
if they could get this, the Gulf carriers could then carry passengers on intra-European sectors. Thin end of wedge?