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SBI Pharmaceuticals Signs MoU with Mumtalakat Holdings

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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

Rumors Swirl Around PIF Looking at Tesla Rivals

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Saudi Arabia’s Public Investment Fund (PIF) could be doubling down on electric automobile manufacturers. It was revealed that PIF has a sizeable stake in Tesla Inc. Elon Musk’s recent tweets have stirred up financial media and has even prompted an SEC probe.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DLF-GIC to Kick in Rs 12.5 Billion for Midtown Project

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Indian real estate giant DLF, which has worked with Singapore’s GIC Private Limited in the past, is working on a new housing project in central Delhi dubbed Midtown. Large residential real estate projects in India’s capital are difficult to come by. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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QIA-Glencore Stake Valued at 7.4 Billion euros

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QHG Oil Ventures is selling a 14.2 % stake in Moscow-based Rosneft for €7.4 billion (US$ 8.4 billion) to the Qatar Investment Authority (QIA). This is according to a QHG financial statement. QHG Oil Ventures is a joint venture between the Qatar Investment Authority and Glencore, a Swiss-based, broad-spectrum mining and commodity company. QHG Oil Ventures was originally formed to invest in Rosneft. QHG purchased a 19.5 % stake in the company in 2016, in a deal that supplied Russia with needed funding at the time, and the estimated value of the investment has remained steady. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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