UAE-Australia trade not hit by low oil prices

08/02/2016 07:21 AST

Australia enjoyed strong trade ties with the United Arab Emirates in 2015 despite a drop in oil imports from the UAE, senior trade commissioner and Australian consul general Gerard Seeber said.

In an interview with the local media, Seeber said: “Trade went up by 25 per cent [last year] and the year before it had gone up by 15 per cent. So it’s been a steady growth and seemingly trade has not impacted by the drop in oil prices.”

Despite low oil prices Australia has witnessed a steady investment growth from UAE, Seeber told the magazine on the sidelines of the recent Australia Unlimited MENA event in Dubai.

“The UAE hails as the number 10 investor in Australia with AU$14 billion ($9.8 billion) in foreign direct investment and approximately AU$26 billion ($18.3 billion) in total assets. It has participated in three ports, a major railway project, electrical power and hotels. The UAE also has the largest portfolio of hotels in Australia.”

Economic ties
To strengthen economic ties with the UAE and the broader MENA region, Australia intends to diversify into the tertiary sectors including health, education, sports and food. The Australian Trade Commission is hosting events in Dubai, Kuwait, Saudi Arabia and Egypt to boost bilateral trade in these segments.

Speaking at the Dubai event, Seeber said: “This year the theme focuses on the medical industry because we feel that it is a burgeoning sector. It grows at 7 to 8 per cent per annum across the region, driven by the growth in population. “Australia looks to partner with the UAE and in particular Dubai in its strategy of becoming a health hub.”

In terms of education Australia has two universities and two schools in the UAE, and around 800 and 1,000 Emirati students studying in Australia.

Seeber noted that Australia can offer more in terms of regulations, quality and standards, research and development, clinical trials, medial training and simulations.

The Gulf Today