Bahrain’s sovereign wealth fund, Mumtalakat, has announced a strategic partnership with SandboxAQ, a global leader in AI and quantum technologies, to establish a pioneering biotech ecosystem in the kingdom. The collaboration aims to leverage cutting-edge technology to position Bahrain as a regional hub for pharmaceutical innovation and drug development.
A Strategic AI-Powered Drug Discovery Initiative
Under the agreement, Bahrain will license SandboxAQ’s sophisticated software and deep expertise in quantitative AI. This technology will be instrumental in identifying and developing novel drug targets and therapeutics, accelerating the traditionally lengthy and costly drug discovery process. The partnership will be guided by a joint research committee overseeing a focused three-year programme designed to produce tangible results and create new intellectual property within the kingdom.
Catalyzing a New Economic Pillar
This landmark initiative is projected to generate over $1 billion in value for Bahrain through the creation of new, high-value biotech assets. It directly supports the nation’s economic diversification strategy by fostering a robust health and technology sector. Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, stated, “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.”
A Global Partnership for Local Growth
The collaboration is set to attract further investment into Bahrain’s burgeoning tech scene. By harnessing the power of advanced AI, the partnership aims to create a self-sustaining ecosystem that attracts talent, capital, and global attention. Jack Hidary, CEO of SandboxAQ, commented, “We are honoured to partner with Mumtalakat and Bahrain to catalyse 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.”
About Mumtalakat
Bahrain Mumtalakat Holding Company is the sovereign wealth fund of the Kingdom of Bahrain. It is mandated to grow the wealth of Bahrain through a long-term investment strategy, holding stakes in over 50 commercial enterprises across a variety of sectors. Mumtalakat is a key driver of the kingdom’s economic diversification and plays a vital role in fostering sustainable growth.
About SandboxAQ
SandboxAQ is an enterprise SaaS company that emerged from Alphabet Inc. as an independent entity. The company provides solutions at the intersection of AI and quantum technology to address complex challenges in sectors such as life sciences, materials science, and financial services. Its investors include T. Rowe Price Associates, Paladin Capital, Eric Schmidt, and Ray Dalio.
Source: Gulf Business
