Page 239 - SUPERBRIDGE PR REPORT - JUNE to OCTOBER 2024

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

https://www.tradingview.com/news/reuters.com,2024-10-07:newsml_Zaw1NXQZ7:0-pressr-superbridge-summit-2024-to-foster-cross-continental-collab… 2/5