Dubai Chambers made a significant double announcement on May 11, commencing with the inauguration of a new international office in Sydney, Australia, by Dubai International Chamber. Additionally, a Memorandum of Understanding (MoU) was signed between Dubai Chambers and the Australia Arab Chamber of Commerce & Industry (AACCI).
The opening of the Sydney office aligns with Dubai International Chamber’s strategic objective of maximizing business opportunities in key global markets and supporting the international expansion plans of Dubai companies. This marks the second new office opened in 2023, expanding Dubai Chambers’ global network to 17 representation offices worldwide.
The inauguration was led by H.E. Abdul Aziz Al Ghurair, Chairman of Dubai Chambers, in the presence of H.E. the Honourable Margaret Beazley AC KC, Governor of New South Wales. Also attending 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, along with delegates from the Australian Business Council.
H.E. Abdul Aziz Al Ghurair emphasized the importance of the office inauguration and the signed MoU, highlighting the strong trading partnership between Dubai and Australia and their commitment to fostering mutually beneficial business agreements.
The establishment of the Sydney office is in line with the ‘Dubai Global’ initiative, launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council. This initiative aims to establish 50 representative offices for Dubai in five continents by 2030. Supported by strategic public and private sector partners, Dubai Global aims to boost Dubai’s non-oil foreign trade from AED 1.4 trillion to AED 2 trillion by 2026.
H.E. the Honourable Margaret Beazley AC KC, Governor of New South Wales, highlighted the shared history of strong bilateral ties between NSW and the UAE and expressed her satisfaction with the MoU signing, which further strengthens the links between the two regions.
The Sydney office of Dubai International Chamber will focus on building strong relationships with key public and private sector stakeholders, supporting Australian companies entering the Dubai market and expanding internationally through the emirate. It will facilitate communication and economic cooperation between UAE and Australian businesses, co-organizing networking events, business seminars, and business matching meetings with Australian partners.
The value of non-oil trade between the UAE and Australia reached approximately $4.5 billion in 2022, witnessing growth of around 28.6% compared to 2021. The number of Australian companies registered with Dubai Chamber of Commerce exceeds 1,530, indicating the growing strength of investment and trade links between Australia and Dubai.
The MoU between Dubai Chambers and AACCI aims to develop joint activities and cooperation, including the exchange of events taking place in their respective jurisdictions and assistance in organizing seminars, webinars, meetings, and contacts.
Dubai Chambers’ analysts see potential for UAE export growth to Australia in sectors such as copper products, carpets, glassware, art, and antiques. New areas of export potential from the UAE to Australia include digital technologies, infrastructure projects, mining, and real estate, while import opportunities from Australia to the UAE include coal, inorganic chemicals, iron ores, and meat.
Both parties anticipate increased bilateral trade in sectors such as construction, minerals, resources, engineering, education, agribusiness, and health in the near future.
