This solution does not use a system wide keyboard shortcut, but instead uses an applescript:
(defun safari-activate ()
(interactive)
(let ((script (concat
"tell application \"Safari\"\n"
"activate\n"
"end tell")))
(start-process "safari-activate" nil "osascript" "-e" script)))
And here is a slightly different method, but along the same lines:
(defun safari-activate-two ()
(interactive)
(do-applescript "tell application \"Safari\" to activate"))