St Vincent and the Grenadines will establish a permanent diplomatic mission in the (UAE) United Arab Emirates.
Prime Minister Ralph Gonsalves announced this while speaking at SVG’s national day at EXPO Dubai 2020.
Gonsalves said in the interim; St Vincent has appointed his Excellency Sheikh Dr Hamed Bin Ahmed Al Hamed as Goodwill Ambassador.
“He will promote the interest of St Vincent ad the Grenadines and represent us in the UAE. We thank him for his acceptance of this important assignment”, Gonsalves said.
Goodwill Ambassador is a post-nominal honorific title, a professional occupation and/or authoritative designation that is assigned to a person who advocates for a specific cause or global issue on the basis of their notability such as a public figure, advocate or an authoritative expert.
Al Hamed is CEO of Al Farida Investmemts. The company is engaged in hospitality and leisure, mixed use residential -commercial real estate and financial investments.
His Excellency holds a PhD in Economics.
The United Arab Emirates (UAE) is situated in the Southeast of the Arabian Peninsula, bordering Oman and Saudi Arabia. In December 1971, the UAE became a federation of six emirates – Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al-Quwain, and Fujairah, while the seventh emirate, Ras Al Khaimah, joined the federation in 1972. The capital city is Abu Dhabi, located in the largest and wealthiest of the seven emirates.
Since its Federation in 1971, the UAE has developed rapidly and is now noted for its modern infrastructure, international events and status as a trade and transport hub.
Economic overview
The UAE is the Middle East’s second largest economy, after Saudi Arabia, and one of the wealthiest countries in the region on a per capita basis. Its GDP in 2019 was estimated at US$427.9 billion, a real GDP growth rate of around 1.6 per cent.
The UAE has six per cent of the world’s oil reserves and the seventh largest proven natural gas reserves. Petroleum exports were US$ 49.6 billion in 2019. In the medium term, oil and gas (which account for over two-thirds of exports and the bulk of government revenue) will continue to underpin the UAE’s economy. However, significant steps towards economic diversification have already been taken, with approximately 70 per cent of GDP now generated by sectors other than oil and gas. The UAE is also developing a civil nuclear energy program and plans to build four nuclear power reactors by 2020. The first, the Barakah nuclear power plant was opened in 2020. Renewable energy generation is also a focus for the UAE, both for domestic energy needs and in terms of investment abroad.
Abu Dhabi, which has the vast majority of oil and gas reserves in the UAE, has made significant investments in establishing aerospace, nuclear power, defence, information technology (micro-processing), petrochemical and clean-tech industries – the latter most prominently represented by the multibillion-dollar initiative of Masdar City, a zero-carbon city outside Abu Dhabi. Abu Dhabi is also investing heavily in educational institutions, and cultural and sporting attractions such as the Formula One racing track, Ferrari theme park, and the Louvre Abu Dhabi to diversify the economy away from oil and encourage tourism.
Dubai has also diversified into the exhibitions, events, ICT, re-export and financial sectors. Taking advantage of its position near the head of the Gulf, it has consolidated its historical reputation as a regional entrepôt. Dubai has developed luxury hotels, large port facilities (including Jebel Ali) and a range of free trade zones to attract both manufacturing and services industries.
The UAE population of 10.4 million (2018) depends substantially on its expatriate workforce, which made up about 88 per cent of the population in 2017. The UAE government has increased spending on job creation and infrastructure expansion, including in preparation for hosting the world expo in Dubai which was delayed by the COVID-19 pandemic and is scheduled to commence in October 2021. The UAE is also opening up utilities to greater private sector involvement. Several free trade zones across the country attract foreign investors, by offering full ownership and zero taxes.
The COVID-19 pandemic has had a significant impact on the UAE’s economy, particularly due to the reduction in passenger numbers through air hubs, the reduction in tourist arrivals and the impact of COVID-19 measures on commerce.
Trade and Investment
The UAE is Australia’s largest trading partner in the Middle East and 17th largest overall, with two-way goods and services trade worth $10.4 billion in 2018-19. Merchandise exports to the UAE were worth $4.1 billion in 2018-19 and were dominated by red meat and machinery and automotive parts. Australian goods imports from the UAE were worth $2.1 billion in 2018-19 (mainly petroleum products).
Services trade is an increasingly important component of the commercial relationship, including construction, financial and professional services, tourism and education. Education is seen as an area of potential growth, with several Australian institutions active in the UAE market, including: Wollongong University, which in 1993 was the first private university to establish a campus in Dubai; Murdoch University, which opened in Dubai in 2007; Curtin University, which opened in Dubai in 2018; the Australian International School Sharjah; the Victorian International School Sharjah; and a number of Australian institutions with partnerships with local institutions to deliver the Australian curriculum in-country.
Australia’s commercial profile in the UAE is significant, with UAE-based Australian companies numbering over 300. Australian companies, institutions and capabilities are working in a range of industries, including steel trading, building, construction and financial services, banking services, materials and equipment, agricultural supplies and services, industrial minerals, dairy products, marine manufacturing, education and training services, sports and recreation, health services, livestock, oil field supplies, courier and freight services. Many companies use Dubai as a regional base, in view of its transport, financial and communications infrastructure. UAE entities hold significant investments in Australia, including in the agribusiness, tourism, health and aged care and resources sectors.
In 2018, UAE investment in Australia was estimated at $11.1 billion according to ABS data. The Abu Dhabi Investment Authority (ADIA), the world’s second largest sovereign wealth fund, has invested in ports, the TransGrid electricity network and the Queensland Motorway project. Other UAE sovereign wealth funds also have assets and are examining other investment opportunities in Australia.
Dubai will host the next world expo commencing in October 2021. Expo 2020 is an opportunity for Australia to showcase our culture, ingenuity and innovation and highlight the quality of our services sector and education system, agricultural products and credentials as a secure destination for investment.
Political overview
The President of the UAE is His Highness (HH) Sheikh Khalifa bin Zayed Al Nahyan, who is also Ruler of Abu Dhabi. The Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum, is the Vice-President, Prime Minister and Defence Minister. The Crown Prince of Abu Dhabi and the Deputy Supreme Commander of the UAE armed forces is HH Sheikh Mohammed bin Zayed Al Nahyan.
The UAE’s federal structure includes a Supreme Council (comprising the Rulers of each Emirate), a Council of Ministers and Federal National Council. Each Emirate is governed by its own Ruler, with its own local government, courts and police forces.
