Page 10 - SUPERBRIDGE PR REPORT - SEPTEMBER 2024

Press Release

SuperBridge Summit 2024: Catalyzing New Pathways for Trade and Investment Between the
Middle East and Latin America

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.