President’s Update – COVID19

Dear Members, Partners & Friends of AACCI,

I wish to update you on AACCI’s position and measures being observed in Australia and across MENA which have a direct impact on all of us.

Firstly, the G20 emergency video summit took place yesterday. His Highness King Salman Bin Abdulaziz Al Saud chaired the meeting via video link from Riyadh where countries agreed to inject US$5 trillion (AUS $8.2 trillion) into the global economy.  This development reflects the gravity of the global situation we find ourselves in and the need to work collectively in coordinating all efforts to navigate the challenges we face.

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COVID-19 MENA UPDATE

16 March 2020
Covid-19 UPDATE

As all countries declare their emergency action plans for managing the spread of Corona virus, Australia has also imposed strict measures as of midnight Sunday 15 March. These include two-week quarantine period of self-isolation to all international inbound passengers. Events with over 500 people have been banned. In line with the Australian Government ban, universities have cancelled all non-essential large scale events. University classes however are considered an essential gathering and at this stage, are exempt from the ban.

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Australia is #OpenForBusiness and diversification is key in light of Corona virus

If we could draw a useful lesson that we may learn from the spread of Corona virus, it could be the importance of diversification.

In China, major assembly lines are standing silent and global giants such as General Motors and Apple are yet to return to production.  Much of the country remains vigilant in trying to contain the spread of the virus and in doing so, China, one of the world’s largest economies remains idle. 

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Diversification strategies indicate strong Australia MENA bi-lateral relations

By Jessica Swann

The Arab States, notably the Gulf countries have some of the largest sovereign wealth funds in the world.  With many of these countries setting their visions for long term success on diversification strategies, countries such as Australia are in a good position to engage in meaningful trade and investment from large scale merger and acquisitions to smaller exporters including SME’s.

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