Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain, and SandboxAQ, a global leader in artificial intelligence and quantum techniques, today (October 27) announced that they have entered a strategic partnership to catalyse a cutting-edge biotech ecosystem in the Kingdom of Bahrain.
In this partnership, Bahrain is licensing SandboxAQ’s software and expertise in quantitative AI to identify and develop targets and novel therapeutics.
The collaboration is expected to create over $1 billion in value for the Kingdom through new biotech assets, said Bahrain Mumtalakat in a statement
It will help position Bahrain as a regional biotech hub, with a joint research committee guiding a three-year program aimed at developing valuable new drugs, it stated.
Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat commented: “This partnership with SandboxAQ marks a significant milestone in our mission to diversify Bahrain’s economy and foster a thriving health sector. By combining our national resources with SandboxAQ’s world-class expertise in AI and large quantitative models to create new and innovative drugs, we are laying the foundation for a new era of innovation in the health sector and economic growth in the Kingdom.”
Jack Hidary, CEO of SandboxAQ, added: “We are honoured to partner with Mumtalakat and the Kingdom of Bahrain to catalyze a new IP-generating biotech economy. Our collaboration will harness the power of AI to accelerate drug discovery and will attract more investment to the Kingdom.”
This partnership aligns with Mumtalakat’s strategy and ongoing efforts to optimise, enhance and diversify its portfolio, ensuring sustainable long-term financial returns.-TradeArabia News Service
Send us your company’s news today and they could be featured on ABC’s Community News tommorow.
