Dubai Chambers opens Sydney office, signs MoU with Australia Arab Chamber

Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has inaugurated a new international office in Sydney, Australia.

The opening of the new office is in line with the chamber’s strategic objective to maximise business opportunities in priority markets globally and support the international business expansion plans of Dubai companies.

The office aims to build strong relationships with key public and private sector stakeholders, as well as support Australian companies to enter the Dubai market and expand internationally through the emirate.

“The inauguration of the Sydney office and the signing of a trade-boosting MoU with our friends at the Australia Arab Chamber of Commerce & Industry not only serves to highlight our existing strong trading partnership but also underlines our redoubled commitment to working together more closely to foster mutually beneficial business agreements,” said Abdul Aziz Al Ghurair, chairman of Dubai Chambers.

Dubai International Chamber’s Sydney office will also create new channels for communication and economic cooperation between businesses in the two countries and work with Australian partners to co-organise networking events, business seminars and business matching meetings.

We are excited to announce the opening of our international office in Sydney, and the signing of a Memorandum of Understanding between Dubai Chambers and the Australia Arab Chamber of Commerce & Industry (AACCI) @dubaichambers @AACCInews https://t.co/KeGDsGfnfu pic.twitter.com/rASpkgKwQt

— Dubai International Chamber (@DxbChamberIntl) May 11, 2023

The value of non-oil trade between the UAE and Australia reached around $4.5bn in 2022, registering a growth of around 28.6 per cent compared to 2021. Similarly, the number of Australian companies that are registered with the Dubai Chamber of Commerce now exceeds 1,530, including 307 new members that joined last year.

Australian companies operating in Dubai work across various sectors, predominately in the wholesale and retail trade and repair of motor vehicles and household goods in addition to real estate, renting and business activities.

The opening of the Sydney office aligns with the ‘Dubai Global’ initiative that was launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council to establish 50 representative offices for Dubai in five continents by 2030.

The initiative is expected to boost Dubai’s non-oil foreign trade from Dhs1.4tn currently to Dhs2tn by 2026. It also aims to attract foreign companies, SMEs, investors and international talent to Dubai by sharing investment intelligence and strengthening engagement with overseas stakeholders.

Dubai Chambers pact with AACCI

Dubai International Chamber’s mission to bolster international bilateral trade will be aided by both the opening of the new office and the signing of the MoU with the Australia Arab Chamber of Commerce & Industry (AACCI).

Under the agreement, the two chambers will work together to develop new joint activities and cooperation including mutual exchange on events taking place in their respective jurisdictions and assistance from both sides in organising and collaborating on seminars, webinars, meetings, and contacts.

The UAE mostly exports manufactured goods, machinery, chemicals, food, live animals and crude materials to Australia.

Dubai Chambers’ analysts see export growth potential in several sectors including copper and copper products, carpets and coverings, glass and glassware, art and antiques.

New export areas from the UAE to Australia that demonstrate the strong investment potential include digital technologies, infrastructure projects, mining and real estate, while new import opportunities from Australia to the UAE include coal, inorganic chemicals, iron ores and meat.

The two parties expect to see increased bilateral trade in sectors including construction, minerals, resources, engineering, education, agribusiness and health in the medium term.

The Sydney office is the second new office inaugurated in 2023 and expands the chamber’s global network to 17 representation offices.

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