Page 19 - SUPERBRIDGE PR REPORT - SEPTEMBER 2024

9/25/24, 2:09 PM SuperBridge Summit 2024: Catalyzing New Pathways for Trade and Investment Between the Middle East and Latin America
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.”

Fernando X. Donayre, CEO of Inca Investments, added, “We are witnessing a paradigm shift in global trade and
investment flows, where regions like the Middle East and Latin America are emerging as new growth engines.
The Summit is the ideal platform to connect, strategize, and foster partnerships that will drive sustainable
development for decades to come.”

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