Foreign direct investment made a positive contribution to the UK's account in 2021, according to the Office for National Statistics.
Both inward and outward FDI increased in 2021, compared to 2020. Inward FDI is the amount of investment into the UK made by foreign companies, whereas outward FDI is the investment UK-based companies make overseas.
The statistics office also makes a distinction between positions and earnings. Positions are the total value of assets a UK or foreign company owns, while the earnings are the profits those companies make.
In 2021, the value of the UK's inward FDI position was up by £83.1 billion to about £2 trillion (an increase of 4.32 per cent), while outward FDI position increased by £16 billion to about £1.7 trillion (a rise of 0.9 per cent).
The increase in the inward FDI position mainly reflects higher positions with the Americas and non-EU Europe, with the increase in the Americas mostly coming from professional, scientific and technical services with the US.
Three times higher
The value of outward FDI earnings, meanwhile, was almost three times higher in 2021 compared with 2020, rising by £85.1 billion from £49.6 billion, to £134.7 billion.
The bounce back was, at least partly, the result of much lower outward FDI earnings being recorded in 2020 due to the coronavirus pandemic.
While the increase in outward FDI earnings occurred around the world, they were especially strong in the Americas, where outward FDI earnings were four times higher in 2021 than in 2020.
All this means that the net FDI earnings figure (outward less inward) was in positive territory in 2021 to the tune of £62.9 billion. In 2020, net FDI earnings were minus £6.5 billion.
As such, FDI made a positive contribution to the UK's current account in 2021.
Falling in the long term
However, figures from the UN's recently released World Investment Report show that in 2021, UK FDI accounted for 1.7 per cent of total world FDI, the lowest since records began.
The report also showed that between 2010 and 2021, UK FDI fell by 4 per cent.
Nonetheless, a survey of the world's chief executives by the accountancy and consultancy firm PwC, released at the World Economic Forum meeting in Davos last week, places the UK as the third most important country in the world to do business, behind only China and the US.
The UK has become increasingly important to global chief executives as a destination to grow their profits, giving a boost to inward FDI. In 2020, only 9 per cent selected the UK compared to 18 per cent who selected it in 2023.
RESULTS
Argentina 4 Haiti 0
Peru 2 Scotland 0
Panama 0 Northern Ireland 0
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
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Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
UAE currency: the story behind the money in your pockets
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
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
The years Ramadan fell in May
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
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
Chinese Grand Prix schedule (in UAE time)
Friday: First practice - 6am; Second practice - 10am
Saturday: Final practice - 7am; Qualifying - 10am
Sunday: Chinese Grand Prix - 10.10am
Need to know
When: October 17 until November 10
Cost: Entry is free but some events require prior registration
Where: Various locations including National Theatre (Abu Dhabi), Abu Dhabi Cultural Center, Zayed University Promenade, Beach Rotana (Abu Dhabi), Vox Cinemas at Yas Mall, Sharjah Youth Center
What: The Korea Festival will feature art exhibitions, a B-boy dance show, a mini K-pop concert, traditional dance and music performances, food tastings, a beauty seminar, and more.
For more information: www.koreafestivaluae.com
'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
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- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
