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The Dubai Chamber has opened a new international office in Sydney, Australia and signed a memorandum of understanding with the Australian Arab Chamber of Commerce and Industry (AACCI) to facilitate trade.
The opening of the new office is in line with DICC’s strategic objectives to maximize business opportunities in priority global markets and to support Dubai companies’ plans for international business expansion.
The Sydney office is the second new office to open in 2023, expanding the Chamber’s global network to 17 representative offices around the world.
The inauguration was officiated by Abdul Aziz Al Ghurair, Chairman of the Dubai Chamber of Commerce and attended by NSW Premier Margaret Beazley AC KC and NSW Government Trade and Investment Commissioner (Middle East) Moin Anwar. Also in attendance were Mohammad Ali Rashed Lootah, President and CEO of the Dubai Chamber of Commerce and Mohamed Hage OAM, President and National Chairman of the Australian Arab Chamber of Commerce and Industry, who signed a memorandum of understanding between the two chambers, along with a group of representatives from the Australian Business Council.
Memorandum of Understanding to Facilitate Trade
Al Ghurair said: “Today’s inauguration of the office and the signing of a Memorandum of Understanding to facilitate trade with our friends at the Australian Arab Chamber of Commerce and Industry not only helps to highlight our existing strong trading partnerships, but also underscores our redoubled commitment to working together. Committed to closely promote mutually beneficial commercial agreements.”
The latest Sydney office opens in line 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, which Aims to open 50 representative offices for Dubai on five continents by 2030. Through strategic partnerships in the public and private sectors, Dubai Global will boost Dubai’s non-oil foreign trade to AED2 trillion ($540 billion) by 2026.
Beazley said: “NSW and the UAE share a history of strong bilateral relations, which is important and worth celebrating. Today’s historic moment, the signing of a Memorandum of Understanding between the Dubai Chamber of Commerce and the Australian Arab Chamber of Commerce and Industry, is a further step towards strengthening NSW. A more concrete sign of the link between Wales and the UAE.
Build relationships
DICC’s office in Sydney will work to build strong relationships with key public and private sector stakeholders and support Australian companies entering the Dubai market and expanding internationally through the emirate.
The new office will also open up new avenues for exchange and economic cooperation between UAE and Australian businesses, and host networking events, business seminars and business matching sessions with Australian partners.
In 2022, non-oil trade between the UAE and Australia will reach approximately US$4.5 billion, an increase of approximately 28.6% over 2021. In addition, the number of Australian companies registered with the Dubai Chamber of Commerce now exceeds 1,530, with 307 new members joining in 2022.
joint activities
Under the terms of the MOU, the two chambers will work together to develop new joint activities and collaborations, including mutual exchanges on events taking place in their respective jurisdictions, as well as mutual assistance in organizing and collaborating in seminars, webinars, meetings and networking.
The UAE mainly exports manufactured goods, machinery, chemicals, food, live animals and raw materials to Australia.
Analysts at Chambers Dubai said the UAE has export growth potential in several sectors including copper and copper products, rugs and coverings, glass and glassware, art and antiques.
New export sectors from the UAE to Australia showing strong investment potential include digital technology, infrastructure projects, mining and real estate, while new import opportunities from Australia to the UAE include coal, inorganic chemicals, iron ore and meat.
In the near term, the two sides hope to increase bilateral trade in areas such as construction, minerals, resources, engineering, education, agribusiness and health. — trade arab news agency
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