DUBAI, (Pakistan Point News - 11th May, 2023) Dubai Chambers has announced the opening of a new international office in Sydney, Australia, by Dubai International Chamber, one of the three chambers operating under Dubai Chambers. In addition, a Memorandum of Understanding (MoU) has been signed between Dubai Chambers and the Australia Arab Chamber of Commerce & Industry (AACCI).
The move is in line with Dubai International Chamber's strategic objective to maximize business opportunities in priority markets globally and support the international business expansion plans of Dubai companies. The Sydney office marks 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 the Honourable 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.
Abdul Aziz 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 H.H. 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 from AED 1.4 trillion to AED 2 trillion by 2026.
The Dubai Global initiative aims to attract foreign companies, SMEs, investors, and international talent to Dubai by showcasing the emirate’s competitive advantages, sharing investment intelligence, and strengthening engagement with overseas stakeholders.
Margaret Beazley AC KC, Governor of New South Wales, said that the 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 MoU 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.
During his welcome speech, Al Ghurair underlined that the UAE is currently Australia’s largest trading partner in the middle East, and Australia's 19th largest export market overall.
He said, “It’s time for us to work even closer together, and I hope these announcements mark a strategic turning point in achieving mutually beneficial trade deals between our city and the great nation of Australia. We are already anticipating a growth in mutual trade over the coming years as a result of the opening of our Sydney office.”
In 2022, non-oil trade between the UAE and Australia rose to approximately $4.5 billion, a growth rate of around 28.6 percent compared to the previous year. The Dubai Chamber of Commerce now has more than 1,530 registered Australian companies, including 307 new members that joined in 2022, operating in various sectors such as wholesale and retail trade, motor vehicles and household goods, real estate, renting, and business activities, which demonstrates the growing strength of investment and trade links between Australia and Dubai.
Dubai International Chamber's strategic objective of maximizing business opportunities in priority markets globally and supporting the international business expansion plans of Dubai companies will be aided by the opening of the new office in Sydney and the signing of the Memorandum of Understanding with the Australia Arab Chamber of Commerce & Industry (AACCI).
AACCI is a membership-based and not-for-profit organization that promotes two-way trade, investments, and relations between Australia and the MENA region by facilitating cross-cultural awareness that leads to business success.
Under 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 in organizing seminars, webinars, meetings, and contacts.
Dubai Chambers' analysts suggest that the UAE has export growth potential in several sectors, including copper and copper products, carpets and coverings, glass and glassware, art, and antiques, while new export areas to Australia include digital technologies, infrastructure projects, mining, and real estate. New import opportunities from Australia to the UAE include coal, inorganic chemicals, iron ores, and meat.
In the near term, both parties expect to see increased bilateral trade in several sectors, including construction, minerals, resources, engineering, education, agribusiness, and health.
