Page 62 - SUPERBRIDGE PR REPORT - SEPTEMBER 2024

9/25/24, 2:13 PM SuperBridge Summit 2024: Catalyzing New Pathways for Trade and Investment Between the Middle East and Latin America - Topw…
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,

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