Page 32 - SUPERBRIDGE PR REPORT - SEPTEMBER 2024

9/25/24, 2:10 PM SuperBridge Summit 2024 to find new pathways for trade
Major companies from Latin America and the Middle East are increasingly recognising 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 the 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 capitalise 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, strategise, and foster partnerships that will drive sustainable development for decades to come.”

Recent high-profile engagements and future prospects
Recent high-profile deals underscore the strategic potential of these partnerships. In addition to DP World’s investments, Qatar
Airways has expanded its routes to key Latin American destinations, including Sao Paulo, Buenos Aires, and Lima, boosting
connectivity and facilitating both business and tourism flows.

Looking ahead, the SuperBridge Summit 2024 will take place from October 15 to 16 at the Dubai World Trade Centre, in
conjunction with GITEX Global, one of the largest technology showcases globally. This confluence of events is expected to attract
over 10,000 global business leaders, entrepreneurs, and innovators to discuss emerging trends, share insights, and forge
partnerships that can drive mutual growth.--TradeArabia News Service

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