Fourth briefing of the year focused on new trade links with the 13th largest economy of the world
Dubai's non-oil trade with Australia in 2010 was AED 8.07 billion, with imports of AED 7.24 billion and exports and re-exports valued at AED 842 million.
Dubai, UAE: H.E. Abdul Rahman Saif Al Ghurair, Chairman, Dubai Chamber of Commerce and Industry, highlighted some of the investment opportunities in Australia offers Dubai-based businesses at the Country Focus Briefing: Australia 2011 event today.
Australia's trade and tourism sectors offer potential for expansion into new markets, including the Far East and China, Al Ghurair said, adding that business success is about exploring opportunities and forming new partnerships.
He was speaking at Dubai Chamber's 4th annual briefing, which was organised in cooperation with the Australian Embassy and held at its head quarters on Monday.
Dubai and Australia already enjoy strong bilateral relations forged over the years, Al Ghurair told delegates. Currently, Australia is Dubai's 23rd trading partner, while in 2010 Dubai's non-oil trade with Australia valued AED 8.07 billion, of which imports totalled AED 7.24 billion and exports and re-exports valued AED 842 million.
His Excellency said that the most up-to-date data for 2011 was encouraging, showing that Dubai's non-oil trade with Australia between January and May reached AED 2.85 billion, of which imports valued AED 2.44 billion and exports and re-exports totalled AED 412 million.
At the same time, Dubai Chamber's members exported and re-exported goods worth a total of AED 85 million to Australia between January and August this year, a figure which Al Ghurair urged Dubai traders to increase by exploring new Australian markets.
Currently, Dubai Chamber has a total of 259 Australian companies among its membership, many of which are investors in the emirate's education and healthcare sectors, like the University of Wollongong in Dubai, which is one of the UAE's oldest and most prestigious universities. Al Ghurair urged more Australian companies to invest
Al Ghurair stressed that open dialogue is vital to opening up new ventures and highlighted the role Dubai Chamber plays in creating different networking opportunities for the business community.
"Dubai Chamber is here to represent, support and protect the interests of the business community in Dubai and our Country Focus Briefing initiative is an excellent way we bring businessmen together to forge new partnerships," said Al Ghurair.
"Dubai and Australia enjoy strong bilateral links. Australia helps Dubai address food security issues by being a major source of meat, fish, dairy products, vegetables and tea and coffee for the emirate. Last year alone Australian meat imports valued AED 502 million," he said.
"Meanwhile, Dubai's Emirates airline is a major employer in Australia and has already invested in the country's most environmentally responsible tourist destination, Wolgan Valley Resort & Spa," Al Ghurair said.
"Our Country Focus Briefing initiative today helped set out the range of investment opportunities open to Dubai-based businesses, while confirming Dubai's position as an international business hub, and we look forward to hosting more throughout the rest of this year." Al Ghurair added.
The event was attended by H.E. Doug Trappett, Australian Ambassador to the UAE, who spoke about the importance of Dubai's and Australia's joint relations.
"Much has been said of the Emirates success story in Australia: now some 60 odd flights per week (it only flies 49 times a week to the US), contributing AUS$ 500 million to the Australian economy and employing 3,600 Australians, but the point I have always focused on is Emirates' major contribution to the globalisation of the Australian economy," Trappett said.
"From delivering businessmen, Emirati and other tourists to the Gold Coast and elsewhere and cargo from Australia to Dubai and beyond, Emirates has been part of the continued growth of Australia, where we are now the 13th largest economy in the world and, according to the IMF, possess the 7th highest GDP per capita," he said.
"Within the development of these close links, a quite remarkable story between Australia and Dubai has unfolded. Both of us have invested in the other - physically, financially and otherwise in considerable and diverse ways," Trappett said.
Dubai Chamber currently has more than 120,000 companies among its membership and some 200 staff, who work to represent, support and protect the interests of the business community in Dubai.
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Established in 1965, the Dubai Chamber of Commerce and Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.
© Press Release 2011
