Page 222 - SUPERBRIDGE PR REPORT - JUNE to OCTOBER 2024

10/9/24, 11:26 AM SuperBridge Summit 2024 to foster cross-continental collaborations between Middle East and Africa amid growing economic ties

In this context, SuperBridge Summit 2024 will convene leaders, policymakers and innovators

from both the Middle East and Africa to explore strategies for achieving sustainable industrial
growth. The summit will also delve into practical solutions for enhancing manufacturing

capabilities while emphasising resource efficiency and minimising environmental impact.

Furthermore, the event coincides with growing economic ties between the Gulf region and
Africa, with GCC companies undertaking 73 foreign direct investment (FDI) projects in Africa,

valued at over USD 53 billion, in 2023 alone. This is primarily driven by the African
Continental Free Trade Area (AfCFTA) as well as efforts of GCC countries, particularly the
UAE, to foster sustainable growth in Africa by promoting renewable energy solutions and

climate finance.

Over the past decade, the total investment flow from GCC countries to Africa has surpassed
USD 100 billion, with the UAE leading the list at USD 59.4 billion, followed by Saudi Arabia at

USD 25.6 billion and Qatar at USD 7.2 billion. The UAE’s imports and exports to sub-Saharan
Africa have also increased by over 30 per cent, while Saudi Arabia’s trade value has surged

twelvefold in the last ten years. In addition, the government of Saudi Arabia has signed deals
with four African countries to explore strategic mining partnerships.

Vanessa Xu, Co-Founder of SuperBridge Council, said: SuperBridge Summit 2024 offers
cross continental strategic insights from practitioners on the ground that inspire collaborative
opportunities. The strong tie between 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,
and connect to global capital flow and supply chain networks from here, while still be able to

leverage their respective competitive advantages from their home countries.

The UAE’s sustainability initiatives in Africa reflect the nation’s vision to triple its renewable
energy production capacity by 2030. Such efforts have helped strengthen Africa’s climate

adaptation and mitigation strategies while highlighting the UAE’s commitment to advancing
international cooperation and sustainable progress.

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 capitalise on Africa’s economic and talent boom. Businesses in both regions
can facilitate mutual growth and strategic partnerships to achieve the shared goal of nurturing

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