Dubai Chambers inaugurates Sydney office
Dubai International Chamber has opened an office in Sydney while the Australia Arab Chamber of Commerce & Industry (AACCI) has signed a Memorandum of Understanding with Dubai Chambers to open an office here in order to maximize business opportunities for the businesses in the two countries.
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 value of non-oil trade between UAE and Australia reached around $4.5 billion in 2022, registering a growth of around 28.6 per cent compared to 2021.
In addition, the number of Australian companies that are registered with the Dubai Chamber of Commerce now exceeds 1,530, including 307 new members that joined in 2022.
The inauguration was led by Abdul Aziz Al Ghurair, chairman of Dubai Chambers, in the presence of Margaret Beazley, 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 AACCI.
Al Ghurair pointed out that the UAE is currently Australia’s largest trading partner in the Middle East, and Australia’s 19th largest export market overall.
The UAE mostly exports manufactured goods, machinery, chemicals, food, live animals, and crude materials to Australia.
Dubai Chambers’ analysis suggested that 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 demonstrate 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.
