Dubai, United Arab Emirates, 24 September 2024 – As Latin America and the Middle East navigate an increasingly interconnected global economy, the SuperBridge Summit 2024 is set to play a pivotal role in forging new trade and investment partnerships between these dynamic regions. Organized by the Dubai World Trade Centre (DWTC) and the SuperBridge Council, this year’s Summit will convene business leaders, investors, and policymakers to explore opportunities for deeper collaboration and to unlock the untapped economic potential that exists between the Gulf Cooperation Council (GCC) countries and Latin America.
Recent data reveals a strong upward trend in trade between the GCC and Latin America. According to the International Trade Center’s 2022 Trade Map, GCC countries exported goods worth $10.84 billion to Latin America in 2022. These exports primarily consisted of mineral fuels, mineral oils, distillation products, fertilizers, aluminum, and related products, plastics, and related items, as well as electrical machinery and equipment. Conversely, imports from Latin America totaled 21.25 billion, with major items including natural or cultured pearls, precious metals, meat, edible meat offal, ores, slag, ash, cereals, sugar and sugar confectionery. Notably, Brazil continues to play a critical role as the GCC’s main trade partner within Latin America, accounting for 61.61 per cent of GCC exports and 50.01 per cent of imports.
Strengthening Bilateral Investments and Partnerships
Major companies from Latin America and the Middle East are increasingly recognizing the strategic importance of these partnerships. For instance, in 2023, Brazil’s BRF announced an additional $200 million investment to expand its poultry processing operations in Saudi Arabia, reinforcing its position as the leading supplier of halal meat to the GCC. This expansion comes as Saudi Arabia aims to increase local food production by 50% by 2030, a goal that Latin American firms are well-positioned to support. Meanwhile, Argentine agribusiness giant Adecoagro signed a $150 million agreement with the UAE’s Al Dahra Group in 2022 to supply grain and dairy products, highlighting the growing agricultural ties between the regions.
Middle Eastern companies are equally active in expanding their footprint in Latin America. DP World, the global logistics powerhouse headquartered in the UAE, recently collaborated with Brazilian railway operator Rumo to build a terminal at Brazil’s Santos port – one of the largest ports in Latin America, at an estimated cost of $500 million.
A New Frontier for Digital Economy and Financial Services
The financial and digital sectors are also seeing substantial cross-regional activity. First Abu Dhabi Bank has intensified its efforts to penetrate the Latin American financial markets, securing regulatory approvals to offer full-fledged banking services in Brazil and Mexico by 2024.This reflects he GCC’s growing interest in Latin America’s fintech ecosystem, which has experienced explosive growth, with over 722 active fintech startups in Brazil alone, and a market valuation exceeding $45 billion.
The SuperBridge Summit will also provide a platform to explore the knowledge exchange between the two regions. The GCC’s expertise in infrastructure development, particularly in large-scale road, energy, and telecommunications projects, offers valuable lessons for Latin America, where infrastructure remains a critical growth constraint. In turn, Latin America’s innovations in digital finance, agriculture technology, and renewable energy align with the Middle East’s diversification goals and pursuit of sustainable growth.
A Crucial Moment for Enhanced Economic Ties
As both regions strive to diversify their economic bases, the SuperBridge Summit 2024 will be crucial in facilitating new agreements and partnerships. With the GCC countries expected to attract over $150 billion in foreign direct investment (FDI) by 2025 and Latin America experiencing a resurgence in growth post-pandemic, the time is ripe for strategic cooperation. The Economist Impact report highlights that 64% of Latin American executives are now looking to increase engagement with the GCC, driven by opportunities in sectors like agriculture, renewable energy, and digital services.
Trixie LohMirmand, Executive Vice President at the Dubai World Trade Centre, noted, “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.”
Recent High-Profile Engagements and Future Prospects
Recent high-profile deals underscore the strategic potential of these partnerships. In addition to DP World’s investments, Qatar Airways has expanded its routes to key Latin American destinations, including Sao Paulo, Buenos Aires, and Lima, boosting connectivity and facilitating both business and tourism flows.
Looking ahead, the SuperBridge Summit 2024 will take place from October 15 to 16 at the Dubai World Trade Centre, in conjunction with GITEX Global, one of the largest technology showcases globally. This confluence of events is expected to attract over 10,000 global business leaders, entrepreneurs, and innovators to discuss emerging trends, share insights, and forge partnerships that can drive mutual growth.
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