The inaugural International Investment Summit concluded in London yesterday with a wall of potential capital built up for the British economy.
Interestingly, organisers used the word “international” – instead of “global” – in the name to set this year’s summit apart from similar such events presided by former prime ministers Boris Johnson and Rishi Sunak in recent years. What, then, was different about the latest attempt by a UK government to draw some of the world’s biggest forces in capital and commerce to the country?
For starters, it was the culmination of the governing Labour Party’s efforts to woo business from the time it was in opposition. From those sessions, led by Chancellor of the Exchequer Rachel Reeves and Business Secretary Jonathan Reynolds, it will have had soundings on the potential future investments that companies were planning. Perhaps there was some pipeline management as magnates held back on announcements to see out the dying days of the erstwhile Conservative government.
Now in power, what Labour has promised is the “sound of opportunity” to emanate from the government at every turn. With Prime Minister Keir Starmer’s sights set on not just one term but 10 years in power, it has said that a “stable framework” will be on offer to back up that positive investment atmosphere.
But if the UK is to be back at the global table, its government must show that it is a credible player on the scene. However, not all members of the new administration have so far been as disciplined as the Reeves-and-Reynolds double act. And that tripped up the preparations for yesterday’s summit.
Now in power, what Labour has promised is the 'sound of opportunity' to emanate from the government at every turn
There was cold fury that was not very well disguised last week, when Transport Secretary Louise Haigh spoke of her own boycott of one of the UK’s biggest external investors. It took a remedial operation involving locally based diplomats, government envoys and a statement from the Prime Minister himself to repair some of the damage that had been done. This is not the way anyone wanted to end the week in the run-up to yesterday’s opening session at the City of London’s historic Guildhall.
The legacy of the previous government means that investors are naturally wary of the UK. Businesses are fervently hoping that this tendency to constantly rewrite the rules of the game is in the rearview mirror. Mr Reynolds spoke to this concern when he declared yesterday that the days of governments constantly shifting policies and priorities are over.
DP World, the UAE conglomerate that manages ports and other communications infrastructure in the UK as well as assets around the world, would evidently like this to be true. The firm that handles 10 per cent of global trade is increasing its investment in the country. It announced at the opening of yesterday’s meeting that it would lay down £1 billion ($1.3 billion) to construct large deepwater berths in the London Gateway and other facilities to better handle the mega container ships from around the world.
This is undoubtedly a boost for Mr Starmer’s ambitions for the UK’s growth. In a personalised speech, he spoke about attending a music college close to the summit venue. His career playing the flute did not take off in the end, but he can talk with some credibility about how the creative industries are an asset for the country.
He called on business leaders to help unlock the assets underlying the national economy. Declaring that the UK had turned a page on an era in which the government “needlessly insulted Britain’s allies”, he added that it was both a diplomatic and an economic priority for his administration to “repair Britain’s brand”.
Yet the question remains as to whether some foreign investors might be ruing recent developments in the UK, such as the regulators’ mishandling of the water sector that led to a considerable amount of foreign capital being wasted. There is still no clear framework set out for how the government can address this problem. As a result, some of these investors are reportedly writing off their investments.
Are the spheres of AI, biotechnology or life sciences likely to become playgrounds for political intrigue or ineptness that other sectors have suffered?
For his part, Mr Starmer appears to be placing a lot of importance on the value of business and private investment. In a room that had the likes of former Google chief executive Eric Schmidt in attendance, he said: “Wealth creation is the number one priority of a Labour government.”
The Prime Minister has a large parliamentary majority and political dominance to drive forward his priorities. The downside, however, is that the government has no financial space for its domestic spending objectives. As a result, it is raising taxes at the same time as it is boosting employee rights and raising wages for state works.
When politics stops being driven by chaos, as Mr Starmer has promised, the UK still has one big challenge. And that is to show that it has the discipline, across the board, to deliver the platform it has promised to the investors who queued up to listen to Mr Starmer yesterday.
UAE currency: the story behind the money in your pockets
THE BIO
Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.
Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.
She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.
She is the youngest of three children, and has a brother and sister.
Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring the natural world.
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
Euro 2020
Group A: Italy, Switzerland, Wales, Turkey
Group B: Belgium, Russia, Denmark, Finland
Group C: Netherlands, Ukraine, Austria,
Georgia/Kosovo/Belarus/North Macedonia
Group D: England, Croatia, Czech Republic,
Scotland/Israel/Norway/Serbia
Group E: Spain, Poland, Sweden,
N.Ireland/Bosnia/Slovakia/Ireland
Group F: Germany, France, Portugal,
Iceland/Romania/Bulgaria/Hungary
BUNDESLIGA FIXTURES
Friday (all kick-offs UAE time)
Hertha Berlin v Union Berlin (10.30pm)
Saturday
Freiburg v Werder Bremen (5.30pm)
Paderborn v Hoffenheim (5.30pm)
Wolfsburg v Borussia Dortmund (5.30pm)
Borussia Monchengladbach v Bayer Leverkusen (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Sunday
Schalke v Augsburg (3.30pm)
Mainz v RB Leipzig (5.30pm)
Cologne v Fortuna Dusseldorf (8pm)
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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.
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
BRIEF SCORES
England 228-7, 50 overs
N Sciver 51; J Goswami 3-23
India 219, 48.4 overs
P Raut 86, H Kaur 51; A Shrubsole 6-46
England won by nine runs
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
SHALASH%20THE%20IRAQI
%3Cp%3EAuthor%3A%20Shalash%3Cbr%3ETranslator%3A%20Luke%20Leafgren%3Cbr%3EPages%3A%20352%3Cbr%3EPublisher%3A%20And%20Other%20Stories%3C%2Fp%3E%0A
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
The%20specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A
Brighton 1
Gross (50' pen)
Tottenham 1
Kane (48)
more from Janine di Giovanni
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
