The highly anticipated SuperBridge Summit 2024, organized by the Dubai World Trade Centre (DWTC) and the SuperBridge Council, is set to bring together key leaders and innovators from the Middle East and Africa to explore growing investment opportunities between the two regions. The event will highlight the importance of fostering sustainable industrial growth, with a focus on boosting Africa’s manufacturing sector.
Africa’s industrial development is at a critical stage, with the continent striving to increase manufacturing output while avoiding the environmental pitfalls experienced by other industrialized regions. SuperBridge Summit 2024 will serve as a platform to address these challenges and share strategies that promote sustainable growth. Participants will discuss practical solutions to enhance industrial capabilities, emphasizing resource efficiency and environmental sustainability.
This year’s summit coincides with the growing economic ties between the Middle East, particularly the GCC, and Africa. In 2023, Gulf Cooperation Council (GCC) companies invested over USD 53 billion in 73 foreign direct investment (FDI) projects across Africa. The African Continental Free Trade Area (AfCFTA) and the Gulf region’s efforts, led by the UAE, to support sustainable development through renewable energy and climate finance have played a crucial role in driving these investments.
Over the past decade, total investment from GCC countries into Africa has surpassed USD 100 billion. The UAE has emerged as the leading investor, contributing USD 59.4 billion, followed by Saudi Arabia at USD 25.6 billion, and Qatar at USD 7.2 billion.
Trade between the UAE and sub-Saharan Africa has grown by over 30%, while Saudi Arabia’s trade value with Africa has increased twelvefold in the last decade. Saudi Arabia has also signed deals with four African nations to explore mining opportunities.
Vanessa Xu, Co-Founder of the SuperBridge Council, commented, “SuperBridge Summit 2024 offers cross-continental strategic insights from practitioners on the ground that inspire collaborative opportunities. The strong tie between the Middle East and Africa can enable businesses from other regions to enter, expand, and grow deeply in Africa from their foothold in the Middle East.”
The UAE has also been a major driver of sustainability initiatives in Africa, contributing to climate resilience efforts and aiming to triple its renewable energy production by 2030. These initiatives reflect the UAE’s commitment to sustainable progress and international cooperation.
Joshin Raghubar, Chairperson of Ikineo Ventures, South Africa, said, “The MEA region holds immense potential for win-win collaborations, and this is the right time for companies in the Middle East to capitalize on Africa’s economic and talent boom. SuperBridge Summit plays a crucial role in bridging the regions for collaborative growth.”
SuperBridge Summit 2024 is a one-of-a-kind event, offering a unique platform for exploring the economic potential of the Middle East and Africa. The summit fosters alliances that will allow businesses to unlock new growth opportunities and build long-term success.
