Page 233 - SUPERBRIDGE PR REPORT - JUNE to OCTOBER 2024

10/8/24, 1:55 PM SuperBridge Summit 2024 to foster cross-continental collaborations between Middle East and Africa amid growing economic ties - …

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 a sustainable future. SuperBridge Summit, the premier
platform for convening innovation leaders in the region, plays a crucial role in this regard since it serves as a

bridge for cross-continental collaboration and growth”.

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