Abu Dhabi to enhance trade and economic relations with Australia - GulfToday

Abu Dhabi to enhance trade and economic relations with Australia

Officials during the event.

Officials during the event.

The Abu Dhabi Investment Office (ADIO) has signed a collaboration Letter of Intent (LoI) with Western Australia’s (WA) Department of Jobs, Tourism, Science and Innovation to accelerate growth across shared areas of economic interest.

The collaboration is part of a series of strategic ADIO initiatives to drive greater private sector opportunities through strengthened relations with Australia.

The Department of Jobs, Tourism, Science and Innovation delivers strategic initiatives on behalf of the Western Australian Government, supporting large-scale mining and industrial operations to innovate startups and small-to medium-sized businesses across the state. ADIO is working with the department to explore avenues of cooperation within its Diversify WA Strategy and ADIO’s Strategic Clusters.

The agreement also promotes cross-sector activities, including supply chain development, advanced manufacturing, science innovation and technology, and environmental, social and governance frameworks.

Badr Al-Olama, Director-General of ADIO, said, “ADIO is proud to drive and grow trade relations between Abu Dhabi and Western Australia. Our strategic collaboration with the Department of Jobs, Tourism, Science and Innovation will unlock opportunities for Australian companies, enabling their growth into Abu Dhabi and new markets in the region, as do the same for Emirati companies seeking to expand their activities in Australia and its surrounding region.”

Hon Reece Whitby, Minister for Energy, Environment and Climate Action, stated, “Western Australia has significant economic ties with the UAE, with this agreement a good example of the State Government’s strong working relationship with the Abu Dhabi Investment Office. The State Government will continue to find ways in which Western Australia and Abu Dhabi can cooperate to achieve mutually beneficial economic outcomes.”

The UAE and Australia enjoy long-standing economic ties, where the UAE is Australia’s largest Middle East trade and investment partner. Australia was also among the 192 participating countries at Expo 2020 Dubai, which provided a key platform for Australian companies to engage with key partners from the Middle East and South Asia.

Bilateral trade of goods and services between both countries stood at $9.3 billion in 2022. Furthermore, the UAE and Australia announced the commencement of talks for a Comprehensive Economic Partnership Agreement (CEPA) in 2023. The UAE is currently home to almost 16,000 Australian expats.

Western Australia’s economy is export-oriented, with around half of Australia’s exports of goods originating from the state each year, including minerals, petroleum, agri-food and specialised manufactured goods. Its gross state product (GSP) was AUD445.3 billion in 2022-23, which was 17.4 per cent of Australia’s gross domestic product (GDP).

Meanwhile the Abu Dhabi Investment Office (ADIO) has partnered with renowned actor and humanitarian Idris Elba to leverage the emirate’s vision for a secure and sustainable food and water future.

This partnership will capitalise on the emirate’s emergence as a global pioneer in food production and water treatment, powered by sustainable technology solutions. The agreement comes after the launch of Mohamed bin Zayed Water Initiative to confront the urgent challenge of water scarcity around the world.

With the aim of accelerating their development and implementation, the newly announced alliance with Elba, through his impact investment company The Akuna Group (TAG), will showcase Abu Dhabi’s leading initiatives in the fields of novel food development, agricultural transformation, and water treatment and technology. Abu Dhabi is aiming to pioneer cultivation of onshore high value add microalgae, offshore farming of key fish stocks, and innovate reverse osmosis water treatment.

TAG is dedicated to nurturing the growth of African industries and entrepreneurship, through strategic multi-sectoral partnerships, impact investments, innovative technologies, and high-level advisory services across and beyond the continent.

As an initial undertaking, Elba will engage in global conversations and awareness initiatives to inspire and accelerate the transformation of food and water systems, using Abu Dhabi as a model to drive positive economic and social impact for future generations. These efforts will also include collaborations with global institutions to highlight the worldwide impact of Abu Dhabi’s forward-thinking initiatives.

Badr Al Olama, Director-General of ADIO, said, “Transforming constraints into opportunities, Abu Dhabi strives to be at the forefront of innovation in food and water production, sustainability and growth. Together with our partners, we are continuing to pioneer and implement cutting-edge solutions that address global nutritional and environmental challenges.”

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