Keir Starmer, UK Prime Minister, meets workers during a visit to the Encirc Glass factory in Chester. Bloomberg
Keir Starmer, UK Prime Minister, meets workers during a visit to the Encirc Glass factory in Chester. Bloomberg
Keir Starmer, UK Prime Minister, meets workers during a visit to the Encirc Glass factory in Chester. Bloomberg
Keir Starmer, UK Prime Minister, meets workers during a visit to the Encirc Glass factory in Chester. Bloomberg

Dial back the doom: UK's International Investment Summit strikes change of tone


Matthew Davies
  • English
  • Arabic

A marketing call for sponsors said Monday's UK International Investment Summit would come alive as “enthusiasm grows for UK's economic prospects”, helping officials deliver some global big-hitters to hang their branding over the event.

The Labour government has invited sovereign wealth funds, businesses and infrastructure funds to attend with the aim of showing the country is “open for business”. Barclays, HSBC, Lloyds M & G, Octopus Energy, and TSL Group are now the main backers for the event at Guildhall in London.

Former Google boss Eric Schmidt has agreed to appear on stage with Prime Minister Keir Starmer. Ruth Porat president of Alphabet and Google; Alex Kendall, chief executive of Wayve, and Bruce Flatt, chief executive of Brookfield Asset Management, will also appear as headliners.

Elon Musk, who was onstage with former prime minister Rishi Sunak at last year's AI summit in Buckinghamshire, is not invited after taking what critics said was a cheerleader role when the UK was hit by race riots in the summer.

The new UK leadership is hoping that its gathering can bring billions of foreign direct investment (FDI) into the struggling economy.

Hundreds of executives and investors from around the world are expected to attend, while British politicians and senior business figures will make overtures to them about how the UK is “open for business”. They will point to the recent pledge by US private equity firm Blackstone to invest £10 billion ($13.3 billion) in building what will be Europe's largest AI data centre in north-east England as proof that the UK is fertile investment territory.

The chief executives of Blackstone, BNY Mellon, and CyrusOne have confirmed their attendance at the summit. “Seeing global investors back the UK is a vote of confidence in our economy, and shows we are an investment destination of choice,” UK Business and Trade Secretary Jonathan Reynolds said recently.

Chancellor Rachel Reeves with Prime Minister Keir Starmer, left, and Business and Trade Secretary Jonathan Reynolds. They have made a concerted effort to attract big-name investors to next week's International Investment Summit. Getty Images
Chancellor Rachel Reeves with Prime Minister Keir Starmer, left, and Business and Trade Secretary Jonathan Reynolds. They have made a concerted effort to attract big-name investors to next week's International Investment Summit. Getty Images

The summit sets out the ambitions of Chancellor of the Exchequer Rachel Reeves to show “whether it is new film studios, cutting-edge technologies, or green energy, it is clear every part of the UK has the potential to benefit from private sector investment".

Some question the timing, just two weeks before Ms Reeves unveils her first budget. In the run-up to the July election, Labour pledged to hold an investment summit within 100 days of taking office. However, some business leaders have questioned the ability of investors to make large and firm commitments before the budget, simply because the tax landscape will not be clear before the end of October.

Timing

“Certainly, the feedback from our members has been that it would have been better if the investment summit had taken place after the budget, when the fiscal and wider economic situation would have been clear,” Marco Forgione, director general of the UK's Chartered Institute of Export and International Trade, told The National. “The summit, though, is an opportunity to progress engagement and develop conversations, which can be finalised after the budget, so the timing’s not perfect. But hosting the summit is still important in showcasing the great opportunities for investment.”

Likewise, Douglas Flint, former chairman of HSBC and current chairman of global investment company Abrdn, told The National that “the challenge for the government is that the summit will precede the budget, the outcome of which will be a critical data point for investment decisions”.

Gloomy picture, upbeat message

The bleak picture that Mr Starmer and Ms Reeves have been painting of the UK economy in recent weeks, seemingly in an effort to prepare taxpayers for some harsh measures in the budget, has been criticised as being too gloomy and at odds with the environment they want portray to foreign investors.

September's consumer confidence figures made for depressing reading, with GfK's Index falling seven points, which Katie Cousins at Shore Capital described as “a foot shoot by Starmer and Reeves that is causing unnecessary damage to the UK consumer economy in Q3, wiping out the progress achieved over the last six months”.

Meanwhile, business confidence headed in the same direction, as shown by figures from S&P Global which indicated UK private sector activity growth slowed for the second month in a row in September. Meanwhile, a survey by the Confederation of British Industry showed the export numbers for British manufacturers were at their weakest in the three months to September in nearly four years.

“Ahead of what promises to be a difficult budget next month, the government is treading a narrow path to put the public finances on a sustainable footing while maintaining the confidence of business and investors in the recovery,” Ben Jones, CBI lead economist, said.

It is a difficult path to tread – being realistic about the short-term prospects for the UK economy and hinting at tax rises and spending cuts on the one hand, while convincing investors that growth is not far away and Britain is the best place to put your money for the long-term.

Former Bank of England economist Stuart Cole told The National the language from government about “difficult decisions” on raising taxes would be more likely to hamper incoming investment than encourage it.

“If I was considering investing in the UK I would certainly want to see what the forthcoming budget will hold before committing any funds,” Mr Cole said.

Nonetheless, while many business figures would prefer to see pessimistic rhetoric surrounding the economy toned down, given that it can have a real effect on investment and consumer spending, the chance that the International Investment Summit might crystallise some firm commitments is being welcomed.

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

On sale: Now

Price: From Dh650,000

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
UAE currency: the story behind the money in your pockets
LILO & STITCH

Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders

Director: Dean Fleischer Camp

Rating: 4.5/5

WITHIN%20SAND
%3Cp%3EDirector%3A%20Moe%20Alatawi%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Ra%E2%80%99ed%20Alshammari%2C%20Adwa%20Fahd%2C%20Muhand%20Alsaleh%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

The bio

Favourite vegetable: Broccoli

Favourite food: Seafood

Favourite thing to cook: Duck l'orange

Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania

Favourite place to travel: Home in Kuwait.

Favourite place in the UAE: Al Qudra lakes

Anxiety and work stress major factors

Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.

A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.

Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.

One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.

It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."

Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.

“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi. 

“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."

Daniel Bardsley

MATCH INFO

Manchester United v Manchester City, Wednesday, 11pm (UAE)

Match is on BeIN Sports

SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Quick%20facts
%3Cul%3E%0A%3Cli%3EStorstockholms%20Lokaltrafik%20(SL)%20offers%20free%20guided%20tours%20of%20art%20in%20the%20metro%20and%20at%20the%20stations%3C%2Fli%3E%0A%3Cli%3EThe%20tours%20are%20free%20of%20charge%3B%20all%20you%20need%20is%20a%20valid%20SL%20ticket%2C%20for%20which%20a%20single%20journey%20(valid%20for%2075%20minutes)%20costs%2039%20Swedish%20krone%20(%243.75)%3C%2Fli%3E%0A%3Cli%3ETravel%20cards%20for%20unlimited%20journeys%20are%20priced%20at%20165%20Swedish%20krone%20for%2024%20hours%3C%2Fli%3E%0A%3Cli%3EAvoid%20rush%20hour%20%E2%80%93%20between%209.30%20am%20and%204.30%20pm%20%E2%80%93%20to%20explore%20the%20artwork%20at%20leisure%3C%2Fli%3E%0A%3C%2Ful%3E%0A
The distance learning plan

Spring break will be from March 8 - 19

Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm

Staff will be trained in distance learning programmes from March 15 - 19

Teaching hours will be 8am to 2pm during distance learning

Pupils will return to school for normal lessons from April 5

Landfill in numbers

• Landfill gas is composed of 50 per cent methane

• Methane is 28 times more harmful than Co2 in terms of global warming

• 11 million total tonnes of waste are being generated annually in Abu Dhabi

• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year

• 20,000 litres of cooking oil produced in Abu Dhabi’s cafeterias and restaurants every day is thrown away

• 50 per cent of Abu Dhabi’s waste is from construction and demolition

PSL FINAL

Multan Sultans v Peshawar Zalmi
8pm, Thursday
Zayed Cricket Stadium, Abu Dhabi

Why seagrass matters
  • Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
  • Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
  • Biodiversity: Support species like sea turtles, dugongs, and seabirds
  • Coastal protection: Reduce erosion and improve water quality
The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

FIVE%20TRENDS%20THAT%20WILL%20SHAPE%20UAE%20BANKING
%3Cp%3E%E2%80%A2%20The%20digitisation%20of%20financial%20services%20will%20continue%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Managing%20and%20using%20data%20effectively%20will%20become%20a%20competitive%20advantage%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Digitisation%20will%20require%20continued%20adjustment%20of%20operating%20models%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Banks%20will%20expand%20their%20role%20in%20the%20customer%20life%20through%20ecosystems%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20The%20structure%20of%20the%20sector%20will%20change%3C%2Fp%3E%0A
U19 WORLD CUP, WEST INDIES

UAE group fixtures (all in St Kitts)

  • Saturday 15 January: UAE beat Canada by 49 runs 
  • Thursday 20 January: v England 
  • Saturday 22 January: v Bangladesh 

UAE squad:

Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith  

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20101hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20135Nm%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%20Six-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh79%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
'Moonshot'

Director: Chris Winterbauer

Stars: Lana Condor and Cole Sprouse 

Rating: 3/5

DIVINE%20INTERVENTOIN
%3Cp%3EStarring%3A%20Elia%20Suleiman%2C%20Manal%20Khader%2C%20Amer%20Daher%3C%2Fp%3E%0A%3Cp%3EDirector%3A%20Elia%20Suleiman%3C%2Fp%3E%0A%3Cp%3ERating%3A%204.5%2F5%3C%2Fp%3E%0A
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Company profile

Company: Rent Your Wardrobe 

Date started: May 2021 

Founder: Mamta Arora 

Based: Dubai 

Sector: Clothes rental subscription 

Stage: Bootstrapped, self-funded 

COMPANY%20PROFILE
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Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

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Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

Updated: October 09, 2024, 6:23 AM`