Dubai International Financial Centre (DIFC), the financial and business hub connecting the region’s growth markets with the markets of Europe, Asia and the Americas, has announced a strategic partnership with the Australia Gulf Council (AGC).

The agreement aims to promote and facilitate trade, investment and other opportunities between Dubai and Australia, said a DIFC statement.

The partnership was formalised following the annual investment meeting held in Dubai earlier this month, which was organised by the UAE Ministry of Foreign Trade to encourage investment opportunities in emerging markets and high growth regions.

Jonathan Herps who is part of the AGC’s advisory board and Pablo Kang, Australian Ambassador to the UAE and Qatar attended the signing ceremony in Dubai along with Abdulla Mohammed Al Awar, CEO, Dubai International Financial Centre Authority.

The AGC recognises a range of dynamic sectors for future collaboration between Australia and the Gulf states including banking and finance, Sharia law, food and water security, and foreign investment.

According to the AGC, the Gulf region represents one of Australia’s top export markets worth A$8,739 million ($8623) in 2010.

Commenting on the agreement, Al Awar said: "This comes in line with our strategy to develop and build relationships with other key market players, further strengthening our position as one of the world’s top financial centres."

"This is our second collaborative agreement with an Australian body, which reflects our commitment to contribute towards the UAE’s economic growth by attracting Australian companies and offering them a platform to access regional opportunities," he noted.

According to Herps, the new partnership presents outstanding opportunities for corporates in DIFC to connect with corporations and financial institutions in Australia.

"The MoU will further support the promotion of unexplored investment opportunities and conventional and Islamic finance investment between Australia and the GCC region among potential investors from both sides,” he stated.

Speaking at the signing ceremony, Kang said, "I hope the new agreement would act as a catalyst to even further practical cooperation between Australian business organisations and Dubai."

Georgie Skipper, board member, AGC, said: "The council and DIFC have a number of areas where they strategically complement each other, which we are looking forward to maximising through our newly formed strategic partnership."-TradeArabia News Service