The MoU being signed
Dubai Chambers has opened a new international office in Sydney, Australia by and signed a Memorandum of Understanding with the Australia Arab Chamber of Commerce & Industry (AACCI) to boost trade.
The new office opening is in line with Dubai International Chamber's strategic objective to maximise business opportunities in priority markets globally and support the international business expansion plans of Dubai companies.
The Sydney office is the second new office inaugurated in 2023, and expands the Chamber’s global network to 17 representation offices around the world.
The inauguration was led by Abdul Aziz Al Ghurair, Chairman of Dubai Chambers, in the presence of Margaret Beazley AC KC, Governor of New South Wales, and Moin Anwar, Trade and Investment Commissioner (Middle East) for the New South Wales Government. Also in attendance were Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, and Mohamed Hage OAM, President and National Chairman of the Australia Arab Chamber of Commerce and Industry, who signed the MoU between the two chambers, as well as a group of delegates from the Australian Business Council.
Al Ghurair said: “Today’s office inauguration and the signing of a trade-boosting MoU with our friends at the Australia Arab Chamber of Commerce & Industry not only serves to highlight our existing strong trading partnership, but also underlines our redoubled commitment to working together more closely to foster mutually beneficial business agreements.”
This latest office opening in Sydney aligns with the ‘Dubai Global’ initiative launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, to establish 50 representative offices for Dubai in five continents by 2030. Supported by strategic public and private sector partners, Dubai Global will boost Dubai’s non-oil foreign trade to AED2 trillion ($540 billion) by 2026.
Beazley said: “NSW and the UAE have a shared history of strong bilateral ties that are important and to be celebrated. Today’s historic moment, the signing of The Memorandum of Understanding between the Dubai Chambers and the Australia Arab Chamber of Commerce and Industry, is one more tangible sign of the further strengthening of links between NSW and the UAE.
Dubai International Chamber's office in Sydney will focus its efforts on building strong relationships with key public and private sector stakeholders, as well as supporting Australian companies to enter the Dubai market and expand internationally through the emirate.
The new office will also create new channels for communication and economic cooperation between UAE and Australian businesses and work with Australian partners to co-organise networking events, business seminars, and business matching meetings.
The value of non-oil trade between UAE and Australia reached around $4.5 billion in 2022, registering growth of around 28.6% compared to 2021. In addition, the number of Australian companies that are registered with Dubai Chamber of Commerce now exceeds 1,530, including 307 new members that joined in 2022.
Under the terms of the MoU, the two Chambers will work together to develop new joint activities and cooperation including mutual exchange on events taking place in their respective jurisdictions and assistance from both sides in organising and collaborating on seminars, webinars, meetings, and contacts.
The UAE mostly exports manufactured goods, machinery, chemicals, food, live animals, and crude materials to Australia.
Dubai Chambers’ analysts suggest there is UAE export growth potential in several sectors including copper and copper products, carpets and coverings, glass and glassware, art and antiques, to name a few.
New export areas from the UAE to Australia that demostrate strong investment potential include digital technologies, infrastructure projects, mining, and real estate, while new import opportunities from Australia to the UAE include coal, inorganic chemicals, iron ores, and meat.
In the near term, the two parties expect to see increased bilateral trade in sectors including construction, minerals, resources, engineering, education, agribusiness, and health.-- TradeArabia News Service