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9/25/24, 2:09 PM Business News
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.

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