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Oceania

A farmer feeds her cattle in Come-by-Chance, Australia; meat is one of Australia's largest exports to the UAE

UAE and Australia deal in sight with trade almost $10bn

The Aussie accent is a familiar one in Dubai, with about 16,000 Australians calling the emirate their home and trade links between Australia and the UAE creeping back to pre-Covid levels. Bilateral non-oil trade between Australia and the UAE was worth $4.5 billion in 2022, up 28 percent compared with 2021 and almost double the […]

A declaration of intent to begin Cepa talks was signed by UAE minister of state for foreign trade Dr Thani bin Ahmed Al Zeyoudi and New Zealand trade minister Todd McClay

UAE and NZ in talks to build on non-oil trade

The UAE has agreed to start negotiations on a comprehensive economic partnership agreement (Cepa) with New Zealand as part of plans to boost the Gulf state’s foreign trade to AED4 trillion ($1.1 trillion) by 2031.  A joint declaration of intent confirming the agreement has been signed by Dr Thani bin Ahmed Al Zeyoudi and Todd […]

Plenary founder and director Paul Oppenheim, Plenary CEO David Lamming and Ahmed Ali AlShamsi, director of energy and utilities at ADQ

ADQ buys stake in Australian investment company

The UAE’s investment fund ADQ has acquired a 49 percent stake in Australian infrastructure investor Plenary Group as part of its expansion drive. The Abu Dhabi state-backed company will acquire all shares currently owned by Canadian pension fund Caisse de dépôt et placement du Québec, which will continue to invest in a range of Plenary’s […]

An Australian sheep farmer shears his flock

UAE and Australia to hold Cepa talks

The UAE and Australia have agreed to hold talks on a comprehensive economic partnership agreement. Once concluded, the Cepa would be Australia’s first with a country in the Middle East and Africa. The UAE is Australia’s biggest trade partner in the Middle East. Bilateral non-oil trade between Australia and the UAE was worth $4.5 billion […]

Visitors view Rio Tinto's 34MW solar farm at its Gudai-Darri iron ore plant. Western Australia is home to much of the country's mining, steel and fossil fuels industry

Western Australia looks to Gulf for green deals

The state of Western Australia – the heart of the country’s mining, steel and oil and gas industries – is planning partnerships with Arab nations to develop its renewables sector and curb emissions.  “We’ve got a dual mission,” Reece Whitby, Western Australia’s minister for environment and climate action, told AGBI during Cop28 in Dubai.  “We’ve […]

Adnoc and Santos are working together on net zero projects

Adnoc and Santos link up to work on net zero goals

Abu Dhabi oil major Adnoc and Australia’s Santos have signed an agreement to develop a joint global carbon management platform aimed at decarbonising markets in the Asia-Pacific region. The companies will also work together on carbon capture and storage (CCS) technologies.  In addition, Adnoc and Santos will jointly explore the development of a carbon dioxide shipping […]

DP World has announced a critical expansion plan that will take its total gross capacity to 93.6 million TEUs

Australia investigates ‘cyber incident’ at DP World ports  

The Australian federal police said on Sunday they were investigating a cybersecurity incident that forced ports operator DP World Australia to suspend operations at ports in several states. “We’ve commenced an investigation into the incident and we’re not commenting further as it’s an ongoing investigation,” an Australian Federal Police spokesperson said. DP World Australia told […]

Chevron's Wheatstone LNG terminal in Western Australia. Workers have walked off the job in a dispute over pay and other issues

LNG exporters to benefit from Australian strike

Strike action by Australian liquefied natural gas (LNG) workers will offer rival producers in the Gulf the opportunity to gain long-term market share, especially in Asia and Europe, as pressure is put on already tight global supplies. Hundreds of workers at Chevron’s Wheatstone and Gorgon LNG facilities in western Australia downed tools on Friday after […]

Australia exports economy

Exports support Australian economy to beat estimates

Australia’s economy expanded by more than expected in the second quarter, driven by exports and public investment, while household consumption remained weak as decade-high interest rates worked to cool demand. Data from the Australian Bureau of Statistics on Wednesday showed real gross domestic product (GDP) rose 0.4 percent in the second quarter, slightly beating forecasts […]

Damien O’Connor, New Zealand’s minister of trade and export growth and Dr Thani bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign trade

UAE and New Zealand plan Cepa to build non-oil trade

When Auckland-based startup Exsurgo joined the Hub71 technology park in Abu Dhabi it was a potential sign of things to come in the UAE-New Zealand trade relationship. Exsurgo has raised $10.5 million and aims to provide non-pharmaceutical treatments for neurological conditions through the use of neuroscience and data analytics. Last week, two months after Exsurgo’s […]

Australia to invest $164m in critical minerals sector

Australia’s resource-rich state of Queensland on Tuesday said it would spend A$245 million ($164 million) to help expand its critical minerals sector, and take steps to lure investments and cut rents on mining exploration leases. Australia has ramped up funding for critical minerals projects, which are essential to smart technology and clean energy. But the […]

Crowd, Person, Adult

Century-old Qantas picks its first female CEO

Australia’s flagship carrier, Qantas Airways Ltd, has named finance chief Vanessa Hudson as its next chief executive officer, making her the first woman to lead the century-old airline. In November, Hudson will take over from Alan Joyce, whose 15 years in the job has made him the longest-serving current CEO of a major Australian company, […]

Australia’s budget set to help offset high living costs

Australia’s Labor government is set to reveal a vast improvement in the budget bottom line next week as its coffers bulge with tax windfalls, yet the outlook will be a sober one as fiscal challenges loom large. Treasurer Jim Chalmers has spent weeks using “restraint” and “responsible” to describe his second budget since coming to […]

Crowd, Person, Adult

New Zealand says it is committed to reducing spending

The New Zealand government is committed to reducing spending even though severe weather events earlier this year caused asset damage of roughly NZ$9 billion ($5.51 billion) to NZ$14.5 billion, Prime Minister Chris Hipkins said. New Zealand was hit by flash floods in the country’s largest city of Auckland in January followed by Cyclone Gabrielle, which […]

Australia raises rates to highest in more than a decade

Australia’s central bank raised its cash rate 25 basis points to the highest in more than a decade at 3.60 percent on Tuesday and said it expects further tightening will be needed to curb inflation. Wrapping up its March policy meeting, the Reserve Bank of Australia (RBA) said wages growth was still consistent with the […]

GQG founder to meet Australian investors after Adani investment

GQG Partners Inc founder Rajiv Jain will meet clients and investors in Australia this week, the company said in a statement on Tuesday, and will explain its investment into embattled Indian Adani group. GQG Partners bought shares worth $1.87 billion in four Adani group companies, marking the first major investment in the Indian conglomerate since […]

City, Urban, Cityscape

Sydney house prices edge up for second week after long decline

Housing prices in Sydney nudged higher for a second straight week, industry data showed on Monday, a possible sign that the market could be bottoming out after an almost year-long downturn. Prices in Australia’s most populous city rose 0.1 percent last week from the previous week, when values also climbed 0.1 percent, figures from property […]

Jacinda Ardern to step down as New Zealand leader

New Zealand Prime Minister Jacinda Ardern on Thursday made a shock announcement she had “no more in the tank” to continue leading the country and would step down no later than early February and not seek re-election. Ardern, holding back tears, said that it had been a tough five and a half years as prime minister and […]

Global oil demand to reach record high this year, IEA says

Global oil demand is forecast to hit an all-time high in 2023 as China relaxes its Covid restrictions, potentially pushing up prices in the second half of this year, according to the latest report from the International Energy Agency (IEA).  The IEA said global oil demand is set to rise by 1.9 million barrels per […]

Plenary have opened their second office in the UAE

Australian titan grows public-private partnerships in Gulf

Plenary Group, the Australia-based investor, developer and manager of public infrastructure with assets under management worth more than $45 billion, is expanding its Middle East operations and has projects in the UAE and Bahrain in its sights. The company has opened its second office in the UAE, in Dubai, just months after launching in Abu […]