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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

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