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9/25/24, 2:12 PM SuperBridge Summit 2024: Catalyzing New Pathways for Trade and Investment Between the Middle East and Latin America

Futures and Commodity Market News
SuperBridge Summit 2024: Catalyzing New Pathways for

Trade and Investment Between the Middle East and Latin
America

Sep 24, 2024 (MENAFN via COMTEX) --

(MENAFN - Orient Planet Group) Dubai, United Arab Emirates, 24 September 2024 - As Latin America and the Middle East
navigate an increasingly interconnected global economy, the SuperBridge Summit 2024 is set to play a pivotal role in
forging new trade and investment partnerships between these dynamic regions. Organized by the Dubai World Trade
Centre (DWTC) and the SuperBridge Council, this year's Summit will convene business leaders, investors, and
policymakers to explore opportunities for deeper collaboration and to unlock the untapped economic potential that exists
between the Gulf Cooperation Council (GCC) countries and Latin America.

Recent data reveals a strong upward trend in trade between the GCC and Latin America. According to the International
Trade Center's 2022 Trade Map, GCC countries exported goods worth $10.84 billion to Latin America in 2022. These
exports primarily consisted of mineral fuels, mineral oils, distillation products, fertilizers, aluminum, and related products,
plastics, and related items, as well as electrical machinery and equipment. Conversely, imports from Latin America totaled
21.25 billion, with major items including natural or cultured pearls, precious metals, meat, edible 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.
The SuperBridge Summit will also provide a platform to explore the knowledge exchange between the two regions. The
GCC's expertise in infrastructure development, particularly in large-scale road, energy, and telecommunications projects,
offers valuable lessons for Latin America, where infrastructure remains a critical growth constraint. In turn, Latin America's
innovations in digital finance, agriculture technology, and renewable energy align with the Middle East's diversification goals
and pursuit of sustainable growth.

A Crucial Moment for Enhanced Economic Ties
As both regions strive to diversify their economic bases, the SuperBridge Summit 2024 will be crucial in facilitating new
agreements and partnerships. With the GCC countries expected to attract over $150 billion in foreign direct investment
(FDI) by 2025 and Latin America experiencing a resurgence in growth post-pandemic, the time is ripe for strategic
cooperation. The Economist Impact report highlights that 64% of Latin American executives are now looking to increase
engagement with the GCC, driven by opportunities in sectors like agriculture, renewable energy, and digital services.
Trixie LohMirmand, Executive Vice President at the Dubai World Trade Centre, noted, "The synergies between the Middle
East and Latin America are stronger than ever. The SuperBridge Summit 2024 will provide an unprecedented opportunity
for businesses to redefine their strategies, engage with new partners, and capitalize on the vast potential these regions
offer."

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