Page 304 - SUPERBRIDGE PR REPORT - JUNE to OCTOBER 2024

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

https://africazine.com/2024/09/superbridge-summit-2024-catalyzing-new-pathways-for-trade-
and-investment-between-the-middle-east-and-latin-america-prwire/