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SBI Pharmaceuticals Signs MoU with Mumtalakat Holdings

photosynleafThe gulf countries are employing a bevy of tactics to draw multinational firms to the region. Strategic development sovereign wealth funds (SDSWF) are keen on creating local opportunities. Dubai, Doha and Manama have pushed the envelope in constructing financial centers to diversify from the petroleum industry. Manama seeks to attract pharmaceutical companies and be a biotech hub for the region.
SBI Pharmaceuticals Co., Ltd., a subsidiary of Japan-based SBI Holdings, entered into a memorandum of understanding (MoU) with Bahrain’s Mumtalakat Holdings. The purpose of the MoU was to explore the possible creation of a pharmaceutical lab in Bahrain, specifically in the area of 5-aminolevulinic acid (5-ALA) products.

5-aminolevulinic acid is an amino acid created in mitochondria.

SBI Pharmaceuticals is in preparations for a clinical study on diabetes by using 5-ALA in areas in Bahrain. Depending on several factors, SBI Pharmaceuticals may create a biotech manufacturing base in Bahrain. In October 2012, SBI Pharmaceuticals opened a representative office in Bahrain.

On the same day, SBI Pharmaceuticals entered into a contract with Dawani Group Holding, a Bahrain-based corporate group, to create a joint venture for selling 5-ALA products in Bahrain

SWFI First Read, November 19, 2017

Mubadala Petroleum Sees Opportunities in Mexican Upstream and Downstream

Mubadala Petroleum, a unit of Mubadala Investment Company, is studying investment opportunities in Mexico. The opportunity set is both in upstream in oil production, or in downstream sectors. Mubadala recently invested heavily in the Gulf coast.

OMERS-Backed CEDA International Corporation Acquires Joe Loomis Trucking

In 2005, Borealis Infrastructure, a unit of OMERS, had acquired CEDA International Corporation (then known as CEDA Holdings Limited) from Precision Drilling Corporation for C$ 274 million. CEDA International Corporation was moved into the portfolio holdings of OMERS Private Equity, another unit of OMERS. On November 16, 2017, CEDA International Corporation acquired Dawson Creek, British Columbia-based Joe Loomis Trucking Limited.

IMF Believes Kuwait Government Needs $100 Billion Over Next 5 Years for Gross Financing Needs

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Ontario Teachers’ Takes to the Seas with Atlantic Aqua Farms Acquisition

The Ontario Teachers’ Pension Plan (OTPP) has made its first investment in the rising aquaculture industry with the acquisition of Orwell Cove-based Atlantic Aqua Farms, Inc. (AAF) and its affiliated entities from San Francisco-based private equity firm Encore Consumer Capital, through its Encore Consumer Capital Fund L.P., for an undisclosed amount. Estimates of the deal’s value, however, place it at over C$ 100 million. Encore Consumer Capital put AAF for sale back in March 2017.

Based out of Canada’s Prince Edward Island, AAF is the largest grower and processor of the region’s famed blue mussels under the brand names Canadian Cove, Confederation Cove, and J.P.’s shellfish. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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UAE Prepares ADNOC Distribution IPO

The Abu Dhabi National Oil Company (ADNOC) embarked on plans to sell a minority stake of 10% or more in its fuel distribution unit in an initial public offering on the Abu Dhabi Securities Exchange (ADX) scheduled for December of 2017. ADNOC Distribution is the largest fuel distributor in the United Arab Emirates with 67% of the market share by number of retail service stations and benefits from a “stable and predictable” market-pricing regime, according to a company statement.

The offering will consist entirely of existing stock held by ADNOC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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