Business Between the UAE and Australia
Australian ambassador Pablo Kang, stated that the UAE is ranked first on the Australian list of trade partners in the MENA region; as well as the 14th largest trade partner worldwide to Australian economy.
There are currently 355 registered Australian companies in Dubai; more than 50,000 UAE residents have visited Australia and 140,000 Australians have visited the UAE in 2012. Craig Holding, Chairman of the Australian Business Council in Dubai said:
“Australian entrepreneurs are attracted to the lucrative tax-free environment in the UAE and the access to important international markets and local investors trust the well-known Australian hard work ethic. Our bilateral ties have witnessed remarkable progress and steady growth in the recent years, thanks to the officials visits from both countries. We have had diplomatic ties with the UAE since 1999.”
The ambassador said that the most remarkable achievements were in the field of nuclear and aviation which represent the strength of relation at the government and private sector levels. Kang remarked that the major Australian exports last year included passenger motor vehicles, lamb, wheat and barley, and alumina which is used for the production of aluminum in the UAE while Australia’s imports from the UAE are mainly petroleum.
Recent Trade and Investment Highlights:
- Trade between Australia and the UAE was valued at A$ 5.9 billion [Dh19.8 billion] between 2011/ 12.
- A$ 200 million worth of red meat was imported to the UAE in 2012/13; since 2004/05, meat exports have increased over 300 percent.
- 350 Australian companies in the UAE have accounted A$1 billion worth of investment; a dramatic increase seen towards the past 10 years.
- The majority of UAE exports are petroleum and other hydrocarbon products.
- Australia’s staple export figures were A$ 200 million in motor vehicles to the UAE. Civil engineering and parts account A$ 21 million.
- South Pacific joints ventures with Masdar seeking technology cooperation in renewable energy, onshore wind and solar energy.
- UAE and Australia signed a 15 year agreement in 2012 for nuclear cooperation; Australia will provide the UAE with uranium fuel for its nuclear plants in 2017 for A$ 20 billion (Dh73.4 billion).
- 20 percent of UAE students are studying in Australia; with about 1000 UAE students seeking higher education.
- Abu Dhabi Investment Authority has invested in property and infrastructure in Australia and owns 20 per cent of Brisbane Seaport.