Australia and the UAE are countries with forward-looking agendas: ambitious, technology-driven and globally connected. As ambassadors, we meet people every day whose lives reflect the strength of the UAE-Australia relationship, linking our countries in ways that statistics alone cannot capture.
As we look back on the past 12 months and forward through next year, our two nations stand at a historic inflection point. Earlier this month, the Comprehensive Economic Partnership Agreement, or Cepa, entered into force, coinciding with 50 years of diplomatic relations; Australian Prime Minister Anthony Albanese’s visit to Abu Dhabi; and the elevation of the UAE-Australia relationship to a strategic partnership.
The results of our close co-operation were already evident. Last year, Australia’s non-oil trade with the UAE reached $4.2 billion, reflecting a 36 per cent growth compared to 2021 and maintaining the strong levels achieved in 2023. Meanwhile, two-way investment stock stood at $16 billion by the end of last year, with $3 billion of direct investment in Australia from the UAE. These figures underscore the resilience and growth of the UAE-Australia economic partnership and its importance as a foundation for future co-operation across priority sectors.
Australian brands such as Chemist Warehouse and Boost Juice have flourished in the UAE, while Emirati companies such as Emirates airline, Etihad Airways, dnata and DP World have become integral to Australia’s infrastructure and logistics operations. These are not one-way flows but mutually reinforcing exchanges that create jobs, connect communities and demonstrate the resilience of our partnership.
The Cepa marks a new chapter in bilateral relations aimed at increasing trade, promoting private-sector collaboration and facilitating investment flows. It is Australia’s first free trade agreement in the Middle East and North Africa. When fully implemented, more than 99 per cent of Australia’s exports will enter the UAE duty-free. In the other direction, 100 per cent of UAE exports will enjoy duty-free access to Australia’s market, benefiting the UAE’s top exports including polymers, glass, vehicles and metals such as steel, copper and aluminium.
In times of unprecedented global trade disruptions, our growing trade and investment ties testify to the strategic trust that we place in each other. Through the Cepa and the strategic partnership, we will aim to drive innovation in renewable energy, artificial intelligence, maritime trade and advanced logistics – sectors that will define the economies of tomorrow and support long-term economic prosperity.
The past 50 years have given us friendship. The next 50 must deliver a partnership that is bold, innovative and transformative
What truly distinguishes the UAE-Australia relationship, however, is the human dimension. More than 25,000 Australians live and work in the UAE, enriching society with their expertise in areas such as education, health care and business. Emirati students are increasingly choosing Australia for their studies, with numbers tripling over the past two years. Meanwhile, Australian universities in the UAE continue to nurture the next generation of innovators.
This moment carries deep personal significance for both of us. These personal connections are the heartbeat of our relationship, and they remind us that diplomacy is not only about agreements and frameworks, but about people.
The agreement contains Australia’s first-ever indigenous trade and economic co-operation chapter in our free trade agreement history. Building on emerging cultural links with the UAE, Cepa will help Australia’s First Nations business sector share in the enormous potential of this region and provide a platform for Australia’s First Nations businesses to export their unique products and services in support of our shared goals and challenges.
We have spoken to many Emirati students who describe their time in Australia as life-changing, and with the many Australians in the UAE who feel just as proud to contribute to the UAE’s growth. These stories inspire us because they capture the essence of what our two nations can achieve together.
As we mark 50 years of diplomacy, our journey is only beginning. The Cepa is a foundation, not a conclusion. The strategic partnership will be the framework for the decades ahead, guiding co-operation in the areas that matter most – sustainability, technology, security and cultural exchange. Together, the UAE and Australia can demonstrate how nations from different regions and traditions can align their strengths for our collective benefit.
As ambassadors, we feel immense pride in what we have built together but also in what lies ahead. The past 50 years have given us friendship. The next 50 must deliver a partnership that is bold, innovative and transformative. At a time when the world often looks inward, the UAE and Australia are choosing to look outward, to each other, and to the future.
Fahad Al Taffaq is the UAE’s ambassador to Australia. Ridwaan Jadwat is the Australian ambassador to the UAE
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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THE TWIN BIO
Their favourite city: Dubai
Their favourite food: Khaleeji
Their favourite past-time : walking on the beach
Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
ABU DHABI ORDER OF PLAY
Starting at 10am:
Daria Kasatkina v Qiang Wang
Veronika Kudermetova v Annet Kontaveit (10)
Maria Sakkari (9) v Anastasia Potapova
Anastasia Pavlyuchenkova v Ons Jabeur (15)
Donna Vekic (16) v Bernarda Pera
Ekaterina Alexandrova v Zarina Diyas
