Page 225 - SUPERBRIDGE PR REPORT - JUNE to OCTOBER 2024

boosting manufacturing capabilities while prioritizing resource efficiency and minimizing
environmental impacts.

The event aligns with increasing economic ties between the Gulf region and Africa, with
GCC companies launching 73 foreign direct investment (FDI) projects in Africa, valued at
over USD 53 billion in 2023. This growth is driven by the African Continental Free Trade
Area (AfCFTA) and initiatives from GCC countries, especially the UAE, to support Africa’s
development through renewable energy solutions and climate financing.

Over the past decade, GCC investments in Africa have exceeded USD 100 billion, with the
UAE leading with USD 59.4 billion, followed by Saudi Arabia with USD 25.6 billion, and
Qatar with USD 7.2 billion. Trade between the UAE and sub-Saharan Africa has grown by
over 30%, while Saudi Arabia’s trade with Africa has surged twelvefold in the last decade.
Recently, Saudi Arabia has signed agreements with four African nations to explore strategic
mining partnerships.

Vanessa Xu, Co-Founder of SuperBridge Council, remarked, “SuperBridge Summit 2024
offers cross-continental strategic insights that inspire collaborative opportunities. The
strong Middle East-Africa connection enables businesses from other regions to enter,
expand, and thrive in Africa, leveraging their competitive advantages and accessing global
capital and supply chains.”

The UAE’s sustainability initiatives in Africa reflect its ambition to triple renewable energy
production by 2030, bolstering Africa’s climate adaptation strategies while reinforcing the
UAE’s commitment to international cooperation.

Joshin Raghubar, Chairperson of Ikineo Ventures in South Africa, added, “The MEA region
holds immense potential for win-win collaborations. SuperBridge Summit is the ideal
platform to foster mutual growth and strategic partnerships that will lead to a sustainable
future.”

SuperBridge Summit 2024 offers a unique platform for exploring the vast economic
opportunities within the MEA region, enabling businesses to discover new growth horizons
and establish long-term success through strategic alliances.

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continental-collaborations-between-middle-east-and-africa-amid-growing-economic-
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