– In 2023, GCC Companies Invested Over USD 53 Billion in 73 African FDI Projects –
Dubai, United Arab Emirates, 07 October 2024: SuperBridge Summit 2024, organized by the Dubai World Trade Centre (DWTC) and the SuperBridge Council, will spotlight the flourishing economic landscape and investment potential between the Middle East and Africa.
The summit takes place as Africa seeks to expand its industrial sector, especially in manufacturing, which is vital for national investment, output, and trade. However, the continent faces a challenge in ensuring that this growth is sustainable, avoiding environmental pitfalls encountered by more industrialized regions.
SuperBridge Summit 2024 will bring together leaders, policymakers, and innovators from both regions to discuss strategies for sustainable industrial development, focusing on boosting manufacturing capabilities while prioritizing resource efficiency and minimizing environmental impacts.
The event aligns with increasing economic ties between the Gulf region and Africa, with GCC companies launching 73 foreign direct investment (FDI) projects in Africa, valued at over USD 53 billion in 2023. This growth is driven by the African Continental Free Trade Area (AfCFTA) and initiatives from GCC countries, especially the UAE, to support Africa’s development through renewable energy solutions and climate financing.
Over the past decade, GCC investments in Africa have exceeded USD 100 billion, with the UAE leading with USD 59.4 billion, followed by Saudi Arabia with USD 25.6 billion, and Qatar with USD 7.2 billion. Trade between the UAE and sub-Saharan Africa has grown by over 30%, while Saudi Arabia’s trade with Africa has surged twelvefold in the last decade. Recently, Saudi Arabia has signed agreements with four African nations to explore strategic mining partnerships.
Vanessa Xu, Co-Founder of SuperBridge Council, remarked, “SuperBridge Summit 2024 offers cross-continental strategic insights that inspire collaborative opportunities. The strong Middle East-Africa connection enables businesses from other regions to enter, expand, and thrive in Africa, leveraging their competitive advantages and accessing global capital and supply chains.”
The UAE’s sustainability initiatives in Africa reflect its ambition to triple renewable energy production by 2030, bolstering Africa’s climate adaptation strategies while reinforcing the UAE’s commitment to international cooperation.
Joshin Raghubar, Chairperson of Ikineo Ventures in South Africa, added, “The MEA region holds immense potential for win-win collaborations. SuperBridge Summit is the ideal platform to foster mutual growth and strategic partnerships that will lead to a sustainable future.”
SuperBridge Summit 2024 offers a unique platform for exploring the vast economic opportunities within the MEA region, enabling businesses to discover new growth horizons and establish long-term success through strategic alliances.
