The Department of Economic Development (DED) and Dubai FDI, the foreign investment office of DED, have signed a strategic partner agreement with the Australia Gulf Council (AGC) to promote and facilitate trade, investment and other opportunities between Australia and Dubai.
The partnership was formalised following the Annual Investment Meeting 2012, hosted in Dubai recently by the UAE Ministry of Foreign Trade to encourage investment opportunities in emerging markets and high growth regions.
According to the AGC, the GCC region represents one of Australia’s top export markets and was worth AUD 8,739 million (nearly AED32 billion) in 2010. Among Australia’s most dynamic sectors for export growth the AGC counts food security, banking & finance, foreign investment and live meat exports.
“Strategic co-operation between Gulf economies and Australia is inevitable given the capabilities and opportunities existing on both sides in terms of trade and investment. It will also be a significant boost to ongoing efforts to energise global trade,” said Khalid Al Kassim, DED Deputy Director General for Executive Affairs.
The Department of Economic Development (DED) is mandated to regulate the overall economic activity in Dubai and support economic development to meet the objectives of the Dubai Strategic Plan. Dubai FDI was established to develop and sustain a competitive investment environment to support, stimulate and grow key economic sectors, job creation, and policy support in alignment with the Dubai Strategic Plan.
“As a vibrant hub enabling businesses to flourish and reach out to the high growth markets in the Middle East, North Africa and South Asia, Dubai is reinforcing its role in global commerce. Business practices in Dubai are also fast evolving in line with the best in the world and the emirate has a unique diversity of enterprises, extending across trading, manufacturing and exports,” said Fahad Al Gergawi, Chief Executive Officer, Dubai FDI.
“With Dubai FDI and Australia Gulf Council working in partnership, investors and businesses in Australia can benefit from the strategic advantages of doing business in Dubai,” added Al Gergawi.
A representative forum of Corporate Partners and government as well as non-government stakeholders, the Australia Gulf Council links businesses across Australia and the Gulf for increased two-way trade and investment.
“The Australia Gulf Council and Dubai FDI have a number of strategic complementarities which we are looking forward to maximising through our newly formed strategic partnership. Our organisations are committed to developing the trade and investment linkages between Australia, the UAE and the wider Middle East and Asia Pacific regions.
“In collaboration with the AGC partners and our network of corporate leaders, our strategic partnership with Dubai FDI will drive long term and sustainable commercial outcomes,” said Georgie Skipper, Board Member, AGC.