Dubai Chambers and Australia Arab Chamber of Commerce and Industry sign MoU

AACCI President and National Chairman, Mr Mohamed Hage OAM, and Dubai Chambers President and CEO, Mr Mohammad Ali bin Rashed Lootah, signing the MoU.

“Australia is a great partner with Dubai and it is using Dubai as a platform to expand not only in the UAE but also regionally and across the continent, Middle East, Africa and the [Commonwealth of Independent States] CIS countries,” Al Ghurair exclusively told Arabian Business.

Al Ghurair said that Dubai Chambers aims to encourage more Australian businesses to set up companies in Dubai to boost bilateral trade and foreign investment in the city. But he added that these relationships work when both parties put the effort in.

“We will be taking the UAE business community back to Australia where they can also invest and explore what kind of economic activities they can do in Australia.”

Asked about which industries the new agreement will initially focus on, Al Ghurair explained that it was up to the countries’ business communities to decide and explore.

“It’s early days, but in one year I’ll be able to tell you a lot more, because we have upcoming visits and activities which involve taking the community from here to Australia.”

The inauguration was led by Al Ghurair, Governor of New South Wales Margaret Beazley, and Trade and Investment Commissioner of the Middle East for the NSW Government Moin Anwar.

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.

“Australia has an important and significant role with Dubai. The UAE is our largest trading partner,” Hage told Arabian Business.

“We are certainly very honoured to share a MoU, one I think that will foster greater trade between the two regions.”

Hage said that, initially, the two parties will look at growth sectors that will be beneficial for both market.

“We’re looking to fill in the gap. There’s no doubt that Dubai offers a great degree of tourism for Australians, but also Australian companies have deep capabilities in education, training, biomedical technology, digitalisation of economy, and this is where we find that Australian businesses can, with deep capabilities, fill that gap and assist the growth of Dubai.”

He revealed that agriculture, which has always been a traditional focus for Australia, will continue to play an important role in the UAE – especially when it comes to AgriTech.

“We think that the food security issue that’s risen in the last two years, is something where Australian companies and [those specialising in] green renewable energy will be able to support for the sustainability of these economies going forward.”

As of yet, Dubai chamber has 17 rep office branches worldwide, Al Ghurair said, adding that it plans to open many more.

The office opening in Sydney aligns with the ‘Dubai Global’ initiative launched by Sheikh Hamdan bin Mohammed bin Rashid, 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 is set to boost the city’s non-oil foreign trade from AED 1.4 trillion to AED 2 trillion by 2026.

This article was published by Arabian Business.
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