Dubai, United Arab Emirates, 24 September 2024 – As the Middle East and Latin America continue to navigate a more connected global economy, the upcoming SuperBridge Summit 2024 promises to be a key driver in establishing new trade and investment avenues between the two regions. Set to take place in Dubai, the event is organized by the Dubai World Trade Centre (DWTC) and the SuperBridge Council, bringing together business leaders, investors, and policymakers to explore emerging opportunities and tap into the untapped economic potential between the Gulf Cooperation Council (GCC) and Latin America.
Recent statistics highlight a promising trend in trade between these regions. In 2022, according to the International Trade Center’s Trade Map, GCC countries exported $10.84 billion worth of goods to Latin America, primarily consisting of mineral fuels, fertilizers, aluminum, plastics, and electrical machinery. In return, the GCC imported $21.25 billion from Latin America, including items like pearls, precious metals, meat, cereals, and sugar. Brazil remains the dominant trade partner, accounting for 61.61% of GCC exports and 50.01% of imports from Latin America.
Strengthening Investment and Corporate Ties
Latin American and Middle Eastern companies are increasingly recognizing the value of strategic partnerships. Notably, Brazil’s BRF invested an additional $200 million in 2023 to expand poultry operations in Saudi Arabia, reinforcing its leadership in halal meat supplies. This comes as Saudi Arabia seeks to bolster local food production by 50% by 2030, a vision supported by Latin American agribusiness giants. Similarly, Argentina’s Adecoagro signed a $150 million agreement with the UAE’s Al Dahra Group in 2022 to supply grain and dairy products, further enhancing agricultural ties.
Middle Eastern corporations are also expanding their reach into Latin America. UAE-based logistics leader DP World recently teamed up with Brazilian railway operator Rumo to construct a terminal at Brazil’s Santos port, one of the largest in the region, at an estimated cost of $500 million.
Digital Economy and Financial Services: New Horizons
The digital economy is emerging as a focal point for cross-regional collaboration. First Abu Dhabi Bank has secured approvals to launch full banking services in Brazil and Mexico by 2024, signaling growing interest in Latin America’s booming fintech sector, which boasts over 722 startups in Brazil alone with a market value exceeding $45 billion. The SuperBridge Summit will also examine opportunities for knowledge exchange between the regions, with the GCC’s expertise in infrastructure development complementing Latin America’s innovations in digital finance, agricultural technology, and renewable energy.
A Crucial Time for Collaboration
As both the Middle East and Latin America aim to diversify their economies, the SuperBridge Summit 2024 will serve as a vital platform for facilitating partnerships. With the GCC projected to attract $150 billion in foreign direct investment (FDI) by 2025, and Latin America experiencing post-pandemic growth, opportunities are abundant. According to The Economist Impact report, 64% of Latin American executives are now looking to expand their engagement with the GCC, particularly in sectors such as agriculture, renewable energy, and digital services.
Trixie LohMirmand, Executive Vice President at the Dubai World Trade Centre, emphasized, “The synergies between the Middle East and Latin America are stronger than ever. The SuperBridge Summit 2024 will provide an unprecedented opportunity for businesses to redefine their strategies, engage with new partners, and capitalize on the vast potential these regions offer.”
Fernando X. Donayre, CEO of Inca Investments, added, “We are witnessing a paradigm shift in global trade and investment flows, where regions like the Middle East and Latin America are emerging as new growth engines. The Summit is the ideal platform to connect, strategize, and foster partnerships that will drive sustainable development for decades to come.”
High-Profile Collaborations and Future Prospects
The significance of these collaborations is underscored by recent high-profile deals. For example, DP World’s investment in Brazil, alongside Qatar Airways’ expansion of flight routes to major Latin American cities like Sao Paulo, Buenos Aires, and Lima, is strengthening connectivity and facilitating business and tourism flows.
The SuperBridge Summit 2024, scheduled for October 15-16 at the Dubai World Trade Centre, will coincide with GITEX Global, one of the world’s largest technology showcases. The combined events are expected to attract over 10,000 global business leaders, entrepreneurs, and innovators to explore emerging trends and form new partnerships that will drive growth in both regions.
