Saudi Arabia signs deals with AstraZeneca, Pfizer for local vaccines production, medical research

Saudi Arabia signs deals with AstraZeneca, Pfizer for local vaccines production, medical research
The summit is scheduled to discuss scientific topics, such as opportunities and challenges related to medical biotechnology in Saudi Arabia. (Shutterstock)
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Updated 16 September 2021

Saudi Arabia signs deals with AstraZeneca, Pfizer for local vaccines production, medical research

Saudi Arabia signs deals with AstraZeneca, Pfizer for local vaccines production, medical research
  • Agreements signed in Riyadh in the presence of the ministers of finance, investment, health and industry
  • Saudi Arabia’s pharmaceutical sector estimated to grow 5% annually

RIYADH: Saudi Arabia signed initial agreements with Pfizer and AstraZeneca as it plans to produce vaccines locally and enhance its medical research capabilities, it was reported on Tuesday.

The Saudi Ministry of Industry and Mineral Resources, the King Abdullah International Center for Medical Research (KIMAR), and the Pfizer Scientific Foundation have signed a memorandum of understanding (MoU) on Tuesday, to build the foundations for the manufacture of viral and genetic vaccines in the Kingdom, Argaam reported.

The MoU, signed during the activities of the Riyadh Summit for Medical Technology 2021, held in Riyadh, also includes providing technical support for the establishment of the human cell platform.

On the other hand, AstraZeneca signed a memorandum of understanding with the Saudi Ministry of Investment and the National Guard.

HIGHLIGHTS

The size of the Saudi pharmaceutical market is SR32 billion.

There are more than 40 pharmaceutical factories in the Kingdom.

Saudi Arabia has signed agreements with Pfizer and AstraZeneca as it plans to produce vaccines locally and enhance its medical research capabilities.

The Saudi Ministry of Investment announced signing the deal with the aim of enhancing the business of the AstraZeneca Group in the Kingdom. 

Osama Al-Zamil, Deputy Minister of Industry and Mineral Resources said that there are more than 40 pharmaceutical factories in Saudi Arabia, covering 36 percent of the needs of the local market.

Al-Zamil added during the Riyadh Summit for Medical Technology that the size of the local pharmaceutical market is SR32 billion, making it the largest pharmaceutical market in the region.

Al-Zamil estimated the volume of growth in the local pharmaceutical sector at about 5 percent annually, while exports are estimated at SR1.5 billion.

The MoU aims to enhance the supervision of its local manufacturing project with its local partners, all the way to the commercial supply stage, CNBC Arabia reported.

The agreement is exploring opportunities to establish world-class clinical research centers in Saudi Arabia, in order to enhance its ambition to provide the best and most innovative pharmaceutical products to patients in the Kingdom, the ministry said in a statement.

The deal will work to advance the great capabilities of the health care sector in the Kingdom, whether in the field of research, studies or clinical trials, leading to the provision of medical preparations and medicines, in a way that enhances the services provided in the health sector, Minister of Investment Khalid bin Abdulaziz Al-Falih said.

The Executive Director of Health Affairs at the Ministry of National Guard, Dr. Bandar bin Abdul Mohsen Al-Knawy said that the agreement with AstraZeneca opens the door for leading international companies to participate in enhancing the capabilities of the health care sector in the Kingdom and benefit from the high demand for health services.


US investment bank Moelis to open Riyadh office, hire Saudis

US investment bank Moelis to open Riyadh office, hire Saudis
Updated 26 November 2021

US investment bank Moelis to open Riyadh office, hire Saudis

US investment bank Moelis to open Riyadh office, hire Saudis

RIYADH: US investment bank Moelis & Co. plans to open an office in the Saudi capital Riyadh and will soon begin hiring staff in the Kingdom, Bloomberg reported.

The New York-based company sees the Kingdom attracting more foreign investors and benefiting from an “energy supercycle,” Vice Chairman Eric Cantor said in an interview.

The boutique financial adviser, founded by Wall Street veteran Ken Moelis, wants to do more deals in the region as the world’s biggest oil exporter prepares for as many as 160 privatizations in 2022, as well as a flood of initial public offerings to the Kingdom’s stock market.

“We are waiting for a final stamp on our license,” Cantor said. “It’s forthcoming and part of that is hiring Saudis,” he said, without saying how many people the bank wants to employ.

Moelis has its main office for the Middle East in Dubai. The move to open one in Riyadh comes as Saudi Arabia pushes international firms to relocate their regional headquarters there.

 


Oil demand to return to 2019 levels by end of 2022: Baker Hughes CEO

Oil demand to return to 2019 levels by end of 2022: Baker Hughes CEO
Updated 26 November 2021

Oil demand to return to 2019 levels by end of 2022: Baker Hughes CEO

Oil demand to return to 2019 levels by end of 2022: Baker Hughes CEO

RIYADH: Oil demand will return to 2019 levels by the end of 2022, despite some delays in projects due to repercussions from the pandemic, Baker Hughes CEO Lorenzo Simonelli told Al-Arabiya.

National oil companies in the Middle East have been preparing for the increased demand, while international oil companies, especially those in North America, have been maintaining financial discipline in returning funds to shareholders, he said.

However, some independent oil companies have already begun to increase their capital spending, he said.

Currently, Baker Hughes sees an improvement in oil and gas services activity, not only in North America, but also in international basins with low costs, he said.

When it comes to developing its products, Baker Hughes always takes into account carbon emissions and the Texas-based energy services company is trying to shift its sources in its manufacturing operations to renewables and has contracted with suppliers, Simonelli said.

The company pledged to reduce carbon emissions of the first and second scope by 50 percent by 2030, and to zero by 2050, Simonelli said. The company is now concerned with dealing with third scope emissions, he said.

 


Saudi Arabia startups see huge growth in eco-friendly ‘impact’ funding 

Saudi Arabia startups see huge growth in eco-friendly ‘impact’ funding 
Updated 26 November 2021

Saudi Arabia startups see huge growth in eco-friendly ‘impact’ funding 

Saudi Arabia startups see huge growth in eco-friendly ‘impact’ funding 

RIYADH: Venture capital impact investment in Saudi Arabia reached a new high in 2021 in both total number of transactions and capital deployed, according to a report produced by MAGNiTT and Saudi Aramco.

Impact investments are those aimed at generating a measurable social and environmental benefit alongside a financial return. 

Impact funding in the Kingdom up to the third quarter of 2021 was 130 percent higher than in 2020 in terms of funding, and 21 percent higher in transactions.

Some $444 million were invested through 403 deals with impact-driven startups across the Middle East and North Africa between 2016 and the third quarter of 2021, according to the report.

Of those deals, 20 percent involved Saudi-based firms.

Flat6Labs was the leading impact investor in startups based in the MENA region with 45 transactions between 2016 and the third quarter of this year to date. 

The Saudi Aramco Entrepreneurship Center, 500 Startups, the King Abdullah University of Science and Technology Innovation Fund, Oasis 500 and Falak Startups invested in 12 or more funding rounds raised by impact-driven startups in MENA.

The education and healthcare technology sectors accounted for the highest share in total impact VC deals, collectively registering 40 percent of all transactions in MENA from 2016 to the third quarter of this year to date.

The energy sector played a key role in impact investments across MENA, with 95 percent of all funding going to startups within the impact ecosystem.

 


Cryptocurrencies tumble on COVID-19 variant; virtual land sells for $2.5m: Crypto wrap

Cryptocurrencies tumble on COVID-19 variant; virtual land sells for $2.5m: Crypto wrap
Updated 26 November 2021

Cryptocurrencies tumble on COVID-19 variant; virtual land sells for $2.5m: Crypto wrap

Cryptocurrencies tumble on COVID-19 variant; virtual land sells for $2.5m: Crypto wrap

Bitcoin led a rout in cryptocurrencies on Friday as investors fled assets considered riskier, including stocks and commodities, and headed for the refuge of government bonds, the Japanese yen and the US dollar.

Concerns over a new COVID-19 variant that may evade vaccines and spread more quickly than previous mutations were seen as responsible for the movements.

Bitcoin, the largest digital currency, fell as much as 9.2 percent to $53,551, its lowest since Oct. 10. That would be Bitcoin’s biggest one-day decline since Sept. 20, leaving it more than one-fifth lower since hitting a record high of nearly $70,000 earlier in November.

The second-largest cryptocurrency, Ether, fell over 13 percent to its lowest in a month, trading at $3,924, down almost 20 percent from its record high, hit on Nov. 10.

A number of European and Asian nations have suspended travel to and from southern Africa after a potentially more deadly COVID-19 variant emerged in Botswana and South Africa. The variant has so many mutations that current vaccines may not be effective against it, according to scientists.

“The spread of (the variant), especially to other countries, could wither investor appetite further,” said Yuya Hasegawa at Tokyo-based exchange Bitbank. “BTC's upside will likely be limited and the market should brace for further loss.”

While cryptocurrencies wobbled, a plot of land in Axie Infinity, an animated, metaverse pet-training game, sold for $2.5 million on Thursday, according to a tweet on the game’s Twitter account.

The sale, for 550 ether, was the highest for a single plot of virtual land, according to the tweet. The transaction was for a section of Genesis land, one of several types available in the game.

A larger sale of virtual real estate took place on Monday in Decentraland. In that transaction, 618,000 MANA, worth about $3.2 million at the time, bought 116 land parcels, according to Tokens.com, whose Metaverse Group subsidiary made the purchase.

Interest in the metaverse has surged in recent months, spurred by Facebook, which changed its name to Meta in October in a sign of its increasing focus on the sector.

Revenue from virtual gaming worlds could grow to $400 billion in 2025, from $180 billion in 2020, Grayscale Investments said on Thursday. The overwhelming majority of that $400 billion will be in-game spending, compared to spending on premium games, the company said.

Grayscale defined the metaverse as “interconnected, experiential, 3D virtual worlds where people located anywhere can socialize in real-time to form a persistent, user-owned, internet economy spanning the digital and physical worlds.”


Anghami to complete US merger ‘soon,’ CEO says

Anghami to complete US merger ‘soon,’ CEO says
Updated 26 November 2021

Anghami to complete US merger ‘soon,’ CEO says

Anghami to complete US merger ‘soon,’ CEO says
  • Maroun said the company’s priority is growth not profitability as it seeks to increase its market share from 6 percent

RIYADH: Lebanon’s Anghami, known as the Spotify of the Arab world, will not postpone its merger with the blank-check company Vistas Media in a potential $90 million deal, according to the firm’s CEO.

Eddie Maroun said the agreement had suffered a delay due to the procedures of the Securities and Exchange Commission in the US, but the deal will still go ahead.

The process is currently in its final stages, and the implementation will be announced very soon, he told Al-Arabiya on Thursday.

Maroun said the company’s priority is growth not profitability as it seeks to increase its market share from 6 percent.

He expects Anghami to achieve profitability within three years, he added.

Subscriptions represent 80 percent of the company’s revenue with the rest coming from advertising, Maround said.

Founded in 2012 in Lebanon, Anghami is the first legal music streaming platform in the Middle East and North Africa region.