Bahrain Mumtalakat Holding Company (“Mumtalakat”), the sovereign wealth fund of the Kingdom of Bahrain, and SandboxAQ, a global leader in the artificial intelligence and quantum computer technologies sector, announced that they have entered into a strategic partnership aimed at developing an advanced biotechnology system in the Kingdom of Bahrain.
Under this partnership, Bahrain licenses SandboxAQ to use its software and expertise in artificial intelligence and quantum computers to develop innovative therapeutics and produce new biotechnology assets whose value will exceed one billion US dollars.
This partnership will also contribute to consolidating the Kingdom of Bahrain’s position as a regional center for biotechnology, through the establishment of a joint research committee that will lead a three-year program aimed at developing new medicines and treatments.
For his part, His Excellency Sheikh Abdullah bin Khalifa Al Khalifa, CEO of Mumtalakat, said: “This partnership with SandboxAQ is a strategic step in our efforts to contribute to efforts to diversify the national economy and enhance the growth of the health sector in the Kingdom. By employing our local resources alongside the global expertise that SandboxAQ enjoys in the fields of artificial intelligence and advanced quantitative models, we are working “To pave the way towards a new phase of innovation in the field of drug development, which will contribute to driving economic growth and achieving progress in the health services sector in the Kingdom.”
Jack Hydari, CEO of SandboxAQ, added: “We are pleased to cooperate with Mumtalakat and the Kingdom of Bahrain to develop a new economic tributary based on biotechnology and intellectual property, as this partnership aims to harness the capabilities of artificial intelligence to accelerate drug discovery processes and attract more qualitative investments to the Kingdom.”
This partnership is in line with Mumtalakat’s strategy to continue raising the efficiency, enhancing and diversifying its portfolio assets to achieve long-term sustainable returns.
