|08 July, 2018

UAE acquires 69% of Australia's GCC investments in 2017

Australian investments in the UAE reached AUD 3.565bln in 2017

Image used for illustrative purpose. United Arab Emirates dirham.

Image used for illustrative purpose. United Arab Emirates dirham.

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Dubai –  Australia's Export Credit Agency (ECA) unveiled that the UAE acquired about 69% of total Australian investments in the GCC countries in 2017.

Australian investments in the UAE reached AED 9.86 billion (AUD 3.565 billion) out of AED 14.29 billion (AUD 5.301 billion) total investments in the GCC, senior officials at the ECA highlighted during a recent meeting held by Dubai Foreign Direct Investment (Dubai FDI) in Sydney.

Meanwhile, Saudi Arabia has attracted Australian investments worth AUD 1.16 billion, while Kuwait’s share of the investments stood at AUD 115 million, Al Bayan Newspaper reported.

Moreover, nearly AUD 38 million and AUD 57 million of Australian investments were injected into Oman and Bahrain, respectively.

The UAE was ranked first among GCC states as the largest investor in Australia with investments worth AED 35.6 billion (AUD 13.18 billion), making up 51.1% of total GCC investments in the country, which stood at AED 69.1 billion (AUD 25.6 billion).

Saudi Arabia came in the second spot with AUD 3.64 billion in investments, followed by Kuwait and Bahrain with investments valued at AUD 8.73 billion and AUD 24 million, respectively.

Source: Mubasher

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