Emirates (EK, Dubai Int'l) would develop Spain into its Latin American hub should bilateral talks between the United Arab Emirates and Spain give it the opportunity to do so. Airline country general manager, Fernando Suárez de Góngora, told tourism portal Preferente that the proposal would make sense and has strong potential.

"Although there is a lot of supply, I don't believe the market has yet been saturated. While we are waiting for our respective governments to finalize the bilateral agreements, the fact of the matter is, we see very strong potential here," he said referencing the possibility of Emirates securing 5th Freedom flights.

The airline has already commenced Milan Malpensa to New York JFK services with other potential transatlantic flights said to include: Dubai Int'l to Buenos Aires Ezeiza via Madrid Barajas and Dubai to Rio de Janeiro Int'l via Lisbon.

South America is fast becoming a focal point for the Gulf region's three biggest carriers: Emirates, Etihad and Qatar Airways (QR, Doha Int'l).

Local rival Etihad Airways (EY, Abu Dhabi Int'l) has already alluded to plans to establish partnerships with South American carriers in a bid to secure a foothold on the continent. Whether this will involve the acquisition of any equity stakes is currently unknown.

Turkish Airlines (TK, Istanbul Atatürk) has already begun its search for its own South American hub with Montevideo and Santo Domingo Las Américas having been considered thus far.