SuperBridge Summit 2024 to foster cross-continental collaborations between Middle East and Africa amid growing economic ties
SuperBridge Summit 2024, organised by the Dubai World Trade Centre (DWTC) and the SuperBridge Council, is all set to showcase the thriving economic landscape and investment opportunities between the Middle East and the African continent.
The summit comes at a time when Africa is striving to bolster its industrial sector, particularly manufacturing, which is crucial for national investment, output and trade. However, the continent faces the unique challenge of boosting manufacturing output sustainably, avoiding the environmental issues encountered by other industrialised regions.
In this context, SuperBridge Summit 2024 will convene leaders, policymakers and innovators from both the Middle East and Africa to explore strategies for achieving sustainable industrial growth. The summit will also delve into practical solutions for enhancing manufacturing capabilities while emphasising resource efficiency and minimising environmental impact.
Furthermore, the event coincides with growing economic ties between the Gulf region and Africa, with GCC companies undertaking 73 foreign direct investment (FDI) projects in Africa, valued at over USD 53 billion, in 2023 alone. This is primarily driven by the African Continental Free Trade Area (AfCFTA) as well as efforts of GCC countries, particularly the UAE, to foster sustainable growth in Africa by promoting renewable energy solutions and climate finance.
Over the past decade, the total investment flow from GCC countries to Africa has surpassed USD 100 billion, with the UAE leading the list at USD 59.4 billion, followed by Saudi Arabia at USD 25.6 billion and Qatar at USD 7.2 billion. The UAE’s imports and exports to sub-Saharan Africa have also increased by over 30 per cent, while Saudi Arabia’s trade value has surged twelvefold in the last ten years. In addition, the government of Saudi Arabia has signed deals with four African countries to explore strategic mining partnerships.
Vanessa Xu, Co-Founder of SuperBridge Council, said: SuperBridge Summit 2024 offers cross continental strategic insights from practitioners on the ground that inspire collaborative opportunities. The strong tie between Middle East and Africa can enable businesses from other regions to enter, expand and grow deeply in Africa from their foothold in the Middle East, and connect to global capital flow and supply chain networks from here, while still be able to leverage their respective competitive advantages from their home countries.
The UAE’s sustainability initiatives in Africa reflect the nation’s vision to triple its renewable energy production capacity by 2030. Such efforts have helped strengthen Africa’s climate adaptation and mitigation strategies while highlighting the UAE’s commitment to advancing international cooperation and sustainable progress.
Joshin Raghubar, Chairperson of Ikineo Ventures, South Africa, said: “The MEA region holds immense potential for win-win collaborations, and this is the right time for companies in the Middle East to capitalise on Africa’s economic and talent boom. Businesses in both regions can facilitate mutual growth and strategic partnerships to achieve the shared goal of nurturing a sustainable future. SuperBridge Summit, the premier platform for convening innovation leaders in the region, plays a crucial role in this regard since it serves as a bridge for cross-continental collaboration and growth”.
SuperBridge Summit 2024 is a one-of-its-kind platform for exploring diverse economic opportunities offered by the MEA region. Leveraging the collective strength of both regions and by fostering strategic alliances, businesses can discover new horizons of growth and position themselves for sustained success.
Last Updated on 2 months by News Desk 1
