Australia will open the door to the United Arab Emirates’ $2.5 trillion sovereign wealth fund to invest in the burgeoning critical minerals industry after the Albanese government struck the first free-trade deal with a Middle Eastern country.

Exporters are also in line for a boost of almost $700 million a year in new sales to the Gulf state, with tariffs to be eliminated on 99 per cent of Australian goods, including beef, sheep meat, seafood, metals and cold and flu medication.