RIYADH: UAE’s Strata, the aviation unit of Mubadala Investment Co., is expanding into biopharmaceuticals manufacturing and it is also in discussions with global electric vehicle makers to start EV production in the country.
The company seeks to form partnerships with existing companies as part of its long-term strategy to expand its advanced manufacturing capabilities and include more industrial sectors, the local media reported.
“We have already started conversations with partners and the intention is to announce something before the end of the year,” Strata CEO Ismail Abdulla was quoted as saying.
The company is not interested in generic pharmaceutical products and is only looking to manufacture some drugs, treatments and vaccines.
“Strata is looking for partners that are hungry for growth, are willing to relocate and start new activities in this part of the world to serve the local market, the regional market and then the Russian market,” Abdulla added.
In March, Strata said it plans to focus on opportunities in a range of high-tech sectors such as biopharmaceuticals, digitalization, automation, artificial intelligence and advanced materials manufacturing as it seeks to diversify its business.