Manama: Mumtalakat Holding Company ("Mumtalakat"), the sovereign wealth fund of Bahrain, has announced a strategic partnership with SandboxAQ, a global leader in artificial intelligence and quantum techniques. This collaboration aims to advance Bahrain's biotech ecosystem significantly.
According to Bahrain News Agency, the partnership involves Bahrain leveraging SandboxAQ's software and quantitative AI expertise to identify and develop new therapeutic targets. The initiative is projected to generate over $1 billion in value for Bahrain through the creation of innovative biotech assets.
This collaboration is set to position Bahrain as a regional biotech hub. A joint research committee will oversee a three-year program focused on developing valuable new drugs.
Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, emphasized that the partnership with SandboxAQ represents a key step in diversifying Bahrain's economy and strengthening its health sector. By merging Bahrain's resources with SandboxAQ's global AI expertise, they aim to foster innovation in health and drive economic growth.
Jack Hidary, CEO of SandboxAQ, expressed his honor in partnering with Mumtalakat and Bahrain to stimulate a new biotech economy. He highlighted that the collaboration will harness AI to accelerate drug discovery and attract further investment to the region.
This initiative aligns with Mumtalakat's strategy to optimize and diversify its portfolio, ensuring sustainable financial returns in the long run.