Gulf states have built modest but growing ties with Latin American countries, in an emerging economy powerplay that supporters hope will exploit shared commercial goals and complement both blocs’ existing links to Asia.
Big Arab petro-state wealth funds have already taken stakes in leading South American companies, with the two regions sharing interests in areas such as energy, infrastructure and food security.
Arab and Latin American countries gathered in October in Peru for their third inter-regional summit in seven years, the latest stage of an official embrace that dates back at least to the founding of the Opec oil cartel in 1960 but has been slow to develop.
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