Page 296 - SUPERBRIDGE PR REPORT - JUNE to OCTOBER 2024

9/25/24, 2:12 PM PRESSR: SuperBridge Summit 2024: Catalyzing new pathways for trade and investment between the Middle East and Latin Ameri…
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.

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