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CompaniesSaudi Arabian Oil CoSB Technology Incorporated RIYADH, Oct 27 (Reuters) - SandboxAQ, a U.S.-based artificial intelligence and quantum technology firm, signed an agreement with Bahrain's sovereign wealth fund on Monday aimed at speeding up the development of drugs and creating biotech assets worth $1 billion. The deal, announced on the sidelines of Saudi Arabia's flagship investment conference, the Future Investment Initiative in Riyadh, will see Bahrain's Mumtalakat license SandboxAQ's large quantitative models trained on physics, chemistry and biology to accelerate drug discovery and scientific research. Advertisement · Scroll to continue "The collaboration will help position Bahrain as a regional biotech hub, with a joint research committee guiding a three-year program aimed at developing valuable new drugs," they said in a statement. SandboxAQ CEO Jack Hidary told Reuters the partnership would empower Bahrain to create and own intellectual property in biotech, including therapies targeting diseases prevalent in the region such as diabetes and certain genetic disorders. "Traditionally, the majority of biotech IP is owned in a handful of countries. This enables Bahrain to develop its own assets, focused both on regional and global health priorities," Hidary said. Advertisement · Scroll to continue The agreement will use Bahrain's digital health datasets and hospital infrastructure to develop therapies. Clinical trials are expected to begin in Bahrain, with potential for multi-site studies, Hidary added. He added that SandboxAQ was receiving interest from other countries, including in the Gulf, for similar partnerships. In January, Saudi oil giant Aramco signed an agreement with SandboxAQ to use its models to increase the value of downstream products. Ad Break Coming Up NEXT StayNext OffEnglish 180p288p360p480p540p576p720pHD1080pHDAuto (180p) About ConnatixV2122949341 About ConnatixV2122949341 Continue watchingafter the adVisit Advertiser websiteGO TO PAGE Reporting by Yousef Saba Editing by Mark Potter Purchase Licensing Rights Yousef SabaThomson ReutersYousef covers Middle East energy out of Dubai, paying close attention to Gulf state oil giants, their roles in the ambitious region's transformational plans and the shift to green energy. He previously covered Gulf financial and economic news, with a focus on the fast-growing capital markets there. He joined Reuters in 2018 in Cairo, where he covered Egypt and Sudan, including its uprising. He previously had stints at a local paper in Cairo and in D.C. as an intern at Politico during the 2016 U.S. presidential election. EmailLinkedin
