Bahrain Mumtalakat Holding Company, the investment arm of Bahrain, has signed an agreement with Japanese firm SBI Pharmaceuticals (SBI), towards setting up of a pharmaceutical production facility in the kingdom.

To start with, the memorandum of understanding (MoU) formalises an understanding between both parties to explore co-operation including research, development and production, according to a report in our sister publication, the Gulf Daily News.

Focusing on 5-aminolaevulinic acid (5-ALA), SBI Pharmaceuticals develops pharmaceutical, cosmetic and health food products that contain the acid as the main active ingredient. Applications of 5-ALA include food supplements, cosmetics, cancer detection, diagnoses and screening, prevention and treatment of metabolic disorders and agricultural purposes.

The signing of the agreement took place during the ongoing visit to Japan by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander, First Deputy Prime Minister and the Economic Development Board chairman.

"We adopt a sector-focussed approach to investment, built on value creation initiatives that we believe will contribute to the sustainable development of the Bahraini economy," Mumtalakat chief executive Mahmood Al Kooheji said.

"This MoU is in line with our new strategic direction that focuses primarily on Bahrain, and supports our plans to develop new projects in existing and new sectors in the kingdom."

He added, "Mumtalakat is the partner of choice for companies looking to do business in Bahrain and the wider GCC region. We look forward to exploring these areas of potential collaboration with SBI, and look forward to raising Bahrain's professional expertise and manufacturing capacity in this rapidly growing sector."

"We are greatly pleased to work with Mumtalakat and other governmental, academic and business partners in Bahrain for this innovative project," SBI chief executive Yoshitaka Kitao said.

"The 5-ALA project will benefit Bahrain and the GCC by fulfilling unmet preventive and therapeutic needs.

"It will also lead to the creation of high-skilled jobs, help develop the country's research capabilities, attract investment from international pharmaceutical and medical industry and reduce the medical expenditure of the government,” he added. – TradeArabia News Service