UAE, US to enhance cooperation in infrastructure and transport
Officials during the meeting.
Their discussion took place during a meeting between Sheikh Nasser Al Qasimi, Assistant Under-Secretary for Infrastructure and Transport Regulation at the Ministry of Energy and Infrastructure, and Michael Udine, Mayor of Broward County, and his delegation.
During the meeting, the US delegation was briefed about the UAE’s efforts to promote partnerships between the public and private sectors in infrastructure, housing and transport.
The two sides also discussed ways of consolidating their relevant cooperation and exchanging expertise.
Sheikh Nasser said the projects implemented by the Ministry of Energy and Infrastructure aim to meet the needs of various regions and keep pace with the rapid growth witnessed by the country, improve quality of life and establish high-quality infrastructure and reinforce the country’s international competitiveness and future approach.
Udine highlighted his admiration for the UAE’s significant efforts to launch developmental projects that will enable it to occupy leading international positions, lauding the efforts of the Ministry of Energy and Infrastructure and the country’s key achievements across all geographic regions. The visit underscores the importance of cooperation and benefits from the distinguished experiences and best government practices of both countries, he added.
Meanwhile the UAE accounts for 77 per cent of GCC investments in Latin American markets between 2016 and 2021, the latter of which amounted to $4 billion over the same period, according to a new whitepaper released by Dubai Chamber of Commerce in collaboration with Economist Impact.
The report, entitled Cultivating Ties: Deepening trade and investment between Latin America and the GCC, was issued ahead of the Global Business Forum Latin America 2022, which took place from March 23rd-24th, at Expo 2020 Dubai’s Dubai Exhibition Centre.
The whitepaper examined the evolving trade and investment relationship between LatAm and the Gulf Co-operation Council (GCC) countries and identifies key areas of opportunity where the GCC can be a destination for LatAm products, a supplier for industries, an investor for growing operations, and a knowledge partner for industry best practices.
The report is based on a survey of 200 senior executives in Latin America, conducted between May and July 2021. Respondents were drawn from a range of sectors, including around 15 per cent each from agriculture and food, financial services and fintech, retail and e-commerce, industry and energy, healthcare, transport and logistics and 10 per cent from professional services and marketing. The survey focuses on how businesses performed during the pandemic, their responses to challenges, the post-pandemic business outlook, and drivers of engagement with different regions such as the Middle East (including the GCC), Africa and South-East Asia.
Saudi Arabia accounted for 22 per cent of GCC investments to Latin America during 2016-2021, followed by Qatar with 1 per cent. Half of the investments from the GCC to Latin America were directed to logistics, distribution and transportation companies, in the region with DP World accounting for large share of the investments.
On the other hand, foreign direct investment from LatAm into the GCC between 2017 and 2021 was estimated at under $500 million, of which 85 per cent of FDI was sourced from Brazil and 13% from Argentina. Some of the biggest investments were made by Brazil’s BRF, one of the world’s biggest food processing companies and a leading supplier of poultry to the GCC markets.
The report noted that bilateral trade between Latin America and GCC markets countries saw an increase in the period before the COVID-19 pandemic, with imports rising sharply between 2017 and 2019. Specifically, imports from Latin America to GCC countries increased from $9.6 million in 2016 to $17.2 million in 2019. These imports consist mainly of primary commodities, including gold, meat, iron ore, grains, sugar and coffee.
Brazil accounts for the largest share of GCC imports from Latin America, or 42 per cent, as the country is the largest producer and exporter of halal meat to the world. Meanwhile, fertilisers are among the largest exports of the GCC countries to Latin America (17 per cent of the total exports), along with plastic polymers (20 per cent), aluminium (12 per cent), ammonia and petroleum.
The GCC countries import iron ore from Latin America, which account for 9% of total imports from the region. This material is used to make aluminium products, which are then exported to Latin America. Fertilizers and ammonia exported from the GCC countries are used to support the main agricultural sector in Latin America.
WAM
