Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain, has partnered with SandboxAQ, an artificial intelligence and quantum technology company, to create a “cutting-edge” biotech ecosystem in the country.
Through the agreement, Bahrain will be licensing SandboxAQ’s software and expertise in quantitative AI to identify and develop targets and novel therapeutics.
The companies expect to create over $1 billion in value for Bahrain through new biotech assets.
Mumtalakat said the collaboration will help position Bahrain as a regional biotech hub, with a joint research committee guiding a three-year programme aimed at developing valuable new drugs.
The company added that the partnership will harness the power of AI to accelerate drug discovery, attracting more investment to Bahrain in the long term.
The partnership aligns with the fund’s strategy and ongoing efforts to optimise, enhance and diversify its portfolio, to ensure sustainable long-term financial returns.
“This partnership with SandboxAQ marks a significant milestone in our mission to diversify Bahrain’s economy and foster a thriving health sector,” said HE Shaikh Abdulla bin Khalifa Al Khalifa, chief executive of Mumtalakat. “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.”
Mumtalakat has a mandate to grow the wealth of Bahrain through long-term investments based on financial, strategic and governance principles.
The fund holds stakes in over 50 commercial enterprises with a portfolio spanning a variety of sectors, including industrial manufacturing, financial services, telecommunications, real estate, logistics, consumer products, healthcare and education.
