Abu Dhabi bets on extending longevity with new biotech hub
The UAE, which created a ministry to promote tolerance and coexistence nearly 10 years ago, is now making longer life expectancy into a national project, tapping a young female biochemist to lead its investment campaign.
Fatma Almulla, an expert in Mideast healthcare finance, was appointed this month to head the Abu Dhabi Investment Office’s new initiative called HELM, which stands for Health, Endurance, Longevity and Medicine. The Mubadala sovereign wealth fund is a strategic partner.
In the new post, Almulla, 31, will seek to develop a cluster of alliances with some of the biggest pharmaceutical companies and healthcare firms – part of an effort to make the UAE a world leader in medical innovation. HELM aims to raise more than $11 billion in investment over the next 20 years.
“The UAE has the right to win in this global marathon,” Almulla said in an interview with The Circuit last week in Abu Dhabi. “In five years, I expect to see five big pharma companies with production facilities established here.”
Before assuming the HELM post, Almulla spent a decade abroad, earning two master’s degrees at the University of Glasgow and a doctorate in biochemical engineering at University College London. For the past two years, she’s worked at GKSD Investment Holding, a Milan, Italy-based consulting firm focused on healthcare and engineering, where she rose to become Vice President and Advisor to the Chairman on business development in the Middle East.
Almulla, who was named in 2023 to the Forbes Middle East “30 Under 30” list that spotlights the region’s upcoming leaders, said HELM will cultivate biotech startups in the UAE and Middle East through funding, mentorship and networking opportunities.
Fostering research in such fields as genomic medicines and advanced therapies through AI-powered diagnostics, Almulla said, should help people in the UAE lead longer and healthier lives.
The interview has been edited for length and clarity.
How would you describe the mission of the new HELM initiative?
The cluster brings together an integrated and powerful ecosystem designed to drive innovation, attract global investments, and position Abu Dhabi as a global leader in life sciences. In this group, we are welcoming global pharma companies across biotech, pharma, MedTech, and digital health.
Not only big pharma companies. We also work with startups such as biotech and health tech ventures. We help them by linking them to our accelerators, such as Hub71, which gives them access to funding, mentorship, and networking opportunities in the Middle East. At its core, the cluster will enable advancements in genomic medicines, advanced therapies, and AI-powered diagnostics. Our niche is clear in terms of longevity and wellness.
Why is this program important for Abu Dhabi, in particular, and for the UAE and the Middle East overall?
The healthcare sector is very important. The size of this market is expected to grow to 93 trillion dirhams ($25.3 trillion) by 2045. Currently, the life sciences market alone is at 7.7 trillion dirhams and will grow to 40 trillion dirhams by 2045.
The UAE has the right to win in this global marathon. It has many advantages. For example, a third of the world’s population is within a four-hour flight from the UAE. More than 90% of global pharma companies have a presence in the UAE. We also have the second-largest national human genome project. Clinical trial approval in the UAE usually takes no more than 28 days, thanks to our streamlined regulators like the Department of Health.
We are helping these companies access the Middle East, Asia, and Africa regions, who are looking to expand in the region. As I mentioned with the market size and growth, there will be twice the demand for healthcare solutions. That means there will be a need for better and quicker therapies, advanced therapies, and genomic solutions.
How much investment can HELM potentially generate?
We expect the cluster will unlock 42 billion dirhams ($11.4 billion) in investments. It will contribute 94 billion dirhams in incremental GDP growth and create around 30,000 new jobs – all by 2045.
Which major institutions are supporting HELM?
Mubadala is one of our strategic partners. They already have a global life sciences investment platform. ADQ also has major investments in life sciences. Being part of the cluster allows us to leverage those assets. We collaborate with them to assess new investments. One of their recent investments was in a manufacturing platform, and now they are exploring bringing parts of that to Abu Dhabi.
We’re working with UAE University, Khalifa University, NYU Abu Dhabi, and Mohamed Bin Zayed University of Artificial Intelligence. Partnerships with international universities are also in the pipeline. For regulations, we work with the Department of Health and the ADGM. For R&D, we work with Masdar as an innovation center. For infrastructure, we have KIZAD (Khalifa Industrial Zone Abu Dhabi), Masdar, and the Abu Dhabi Airport Free Zone. For talent development, we partner with universities globally.
We still need to develop specialized programs in areas like biopharma, biotechnology, and genomics. We’re also creating opportunities for postdoctoral and postgraduate studies. Talent development is an integral part of the cluster. We’ll know more when we announce deals with pharma companies.
In a nutshell, what are your short-term and long-term goals?
Our vision is for 2045. But in five years, I expect to see five big pharma companies with production facilities established here. Building a full substance and formulation facility takes about four to five years. Capital deployment happens immediately.
If we close deals in the next two years, I believe by the five-year mark, we’ll see many of the big pharma companies here. We’re already working with some of them – that will attract others.
The Daily Circuit: Saudi’s consultants crutch + White coats in Abu Dhabi
👋 Hello from the Middle East!
Today in The Daily Circuit, we’re looking at the focus on longevity at Abu Dhabi Global Healthcare Week, a gathering of Gulf sovereigns in Versailles, the effort by Mubadala’s M42 to attract medical tourists and U.S. Energy Secretary Jennifer Granholm’s travels through the Gulf. But first, is Saudi Arabia rethinking the role of its consultants?
The heavy use of consultants to help turn Saudi Arabian Crown Prince Mohammed bin Salman’s Vision 2030 into reality is an open secret as old as the transformation plan itself. Eight years into the economic overhaul, which has seen groundbreaking on the mega-project Neom and social reforms like the reopening of cinemas and driving licenses for women, some officials in the kingdom now say the fast-changing nation is becoming too dependent on Western consulting firms, the Financial Times reports.
The so-called Big Four auditors — Deloitte, EY, KPMG and PwC — as well as Boston Consulting Group, McKinsey and PR shop Teneo, are all playing an ever-expanding role in the bold plans MBS has laid out, the FT reports. Examining the $3 billion consultancy market in the Arab world’s largest economy comes as scrutiny of the kingdom’s Vision 2030 plan has gripped Western headlines in recent weeks amid Saudi Arabia’s budget shortfall and delays at Neom.
Saudi officials quoted in the story lament that government projects are designed with consultant contracts in mind — cutting out the possibility of building their own teams. Consultants told the London broadsheet that they are aware of the criticisms, with one executive colorfully noting: “People think we are super well paid, living the dream in Dubai, chilling on the weekends . . . and shafting the government out of zillions of dollars, with not a lot to show for it.”
However, many of the consultants hired are Saudi nationals and proponents of the system say the ministries know how to get their money’s worth. Consultants also say paying for their services ensures operational efficiencies and avoids hefty cost overruns. Several senior officials are themselves former consultants, including two deputy ministers for tourism who came from McKinsey, according to the FT. And Saudi Arabia is not alone in the expat-heavy region in relying on strategic advisors to guide decisions on investments, timelines and budgets. The Middle East is among the fastest-growing markets in the world for consultants.
HEALTHY DOSE
Aging and longevity, mental health and diseases like diabetes and cancer are driving conversations and deals at Abu Dhabi Global Healthcare Week, which began today. More than 5,000 visitors, 100 exhibitors and 200 expert speakers are expected to take part in the three-day event, organized by the Department of Health. The UAE capital is aiming to become a regional hub for personalized medicine, medical tourism and cutting-edge research with government-backed healthcare conglomerates like M42 and PureHealth, as well as the Emirati Genome Program, driving initiatives. “ADGHW aims to explore the shift from health care to health, providing experts with a platform to exchange knowledge and experiences on crucial topics such as aging populations, non-communicable diseases, mental health and other common challenges,” said Dr. Noura Al Ghaithi, undersecretary of the DOH. The event runs until May 15 at Abu Dhabi National Exhibition Centre.
FRENCH CONNECTION
France is looking to improve upon the $14 billion investment commitments it received at its foreign investment drive last year as some of the top sovereign wealth funds from the Middle East join other institutional investors from the Americas, EU and Asia in Versailles today. Executives from the Public Investment Fund, Qatar Investment Authority, Kuwait Investment Authority, Bahrain’s Mumtalakat, representatives of Mubadala Investment Co. in Abu Dhabi as well as Bahrain-based alternative investment company Investcorp are among those attending the Choose France Summit, The National reports. They will also attend private sessions on AI, quantum and green energy investing alongside the summit’s creator, French President Emmanuel Macron.
Mubadala: A $3 billion train line linking the UAE and Oman is due to start construction soon after the signing of a joint venture agreement by Mubadala, Etihad Rail and Oman Rail. Meanwhile, M42, the Mubadala-backed entity that operates Cleveland Clinic Abu Dhabi, among others, received a certificate of excellence for medical tourism from the prestigious Global Healthcare Accreditation (GHA) body in the U.S., the first in the Middle East to receive the recognition. Mubadala Energy, a unit of the sovereign wealth fund, today announced another substantial gas discovery offshore in Indonesia, from the Tangkulo-1 Exploration well.
Public Investment Fund: AviLease, the global aircraft lessor wholly owned by the PIF, has delivered two Boeing 737-8 aircraft on lease to Air India Express Limited. These are the first tranche of six aircraft that will be delivered in 2024.
🏦 Saudi Fintech: Rasan Information Technology Co., Saudi Arabia’s largest insurance aggregator, is seeking to raise $224 million in one of the kingdom’s first IPOs by a fintech firm.
⛽ Gas Exploration: QatarEnergy has acquired stakes for an undisclosed price in two gas exploration sites off Egypt’s north coast, buying 40% shares in the properties, which are controlled and operated by ExxonMobil.
🛒 Supermarket Sprawl: Following a sold-out IPO that raised $375 million this month, Spinneys plans to expand the presence of its supermarkets in the UAE and Saudi Arabia, CEO Sunil Kumar told the Khaleej Times.
🏗️ Building Blocks: Binghatti has acquired a steel manufacturing facility in Dubai for an undisclosed sum as the Dubai developer is in the process of building two residential high-rises in the city, Burj Binghatti Jacob&Co Residences and Mercedes Benz Places.
📷 Sahara Beckons: Algeria is trying to attract international tourists as part of an effort to diversify its oil-reliant economy after years in which the north African nation chose not to make tourism a priority, Tourism Minister Mokhtar Didouche told Bloomberg.
🌐 MENA Hub: Oracle is planning a major expansion of its regional R&D operations in Morocco to focus on artificial intelligence software and plans to hire 1,000 people, CEO Safra Catz said.
🛢️ Open the Tap: OPEC+ nations meeting in Vienna next month should curtail the production cuts they’ve adopted that have kept oil prices high over the past year, International Energy Agency Executive Director Fatih Birol told Bloomberg.
🌍 Reshaping Africa: Gulf states last year made pledges for investment in Africa worth over $53 billion—almost four times more than the U.S., Time reports.
🏡 Pricey Property: A mansion in Beverly Hills that one belonged to Saudi Prince Turki Bin Nasser Al Saud, a former Cabinet Minister who was jailed on corruption charges, is being listed for sale at $90 million, three times what the prince sold it for before he died in 2021, Mansion Global reports.
Emir of Kuwait Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah formed a new cabinet on Sunday headed by Sheikh Ahmad Abdullah Al-Sabah. Emad al al-Atiqi, Anwar Ali al-Mudhaf and Abdullah Ali al-Yahya retained their posts as oil, finance and foreign ministers respectively, according to the decree. Sheikh Ahmad is the emir’s nephew and was previously appointed prime minister in April, Reuters reports.
UAE President Sheikh Mohamed bin Zayed received a phone call on Sunday from King Abdullah II bin Al Hussein of Jordan, who expressed condolences over the passing of Sheikh Hazza bin Sultan bin Zayed.
Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Deputy UAE Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, conveyed the condolences of Sheikh Mohamed bin Zayed to the Al Khalifa family in Manama, Bahrain on Sunday, on the passing of Shaikh Abdullah bin Salman bin Khalid Al Khalifa.
U.S. Energy Secretary Jennifer Granholm is scheduled to make her first diplomatic visit to Saudi Arabia and the UAE this week, Bloomberg reports.
Giles Pendleton, Chief Operating Officer of NEOM, disputed reports that the $500 billion development’s most ambitious project, a futuristic 110-mile-long city called “The Line,” is significantly behind schedule and plagued by cost overruns. “Despite the incorrect media reporting, it’s another record month on The Line,” Pendleton said in a LinkedIn post.
Pavel Durov, the Russian-born founder of messaging app Telegram who was given Emirati citizenship in 2021, takes the top spot in Forbes Middle East’s annual Middle East Billionaires list with an estimated net worth of $15.5 billion.
Todd Boehly, co-founder and CEO of Greenwich, Conn.-based Eldridge Industries, is in advanced talks to buy private credit firm Hayfin Capital Management in a deal worth about $1.1 billion, the Financial Times reports.
🏜️ On Location: Saudi Arabia’s AlUla is expected to be featured in American Director Potsy Ponciroli’s upcoming action thriller “Motor City.” Production is due to start on July 10 in New Jersey and Saudi Arabia. The film is part of production company Stampede Ventures’ 10-picture slate deal with Film AlUla. The cast will include Alan Ritchson, Shailene Woodley, Ben Foster and Pablo Schreiber.
May 13-15, Abu Dhabi, UAE: Abu Dhabi Global Healthcare Week. A conference focusing on investments, and innovation to solve the most important global health challenges. Abu Dhabi National Exhibition Center and Abu Dhabi City.
May 14-15, Abu Dhabi, UAE: J.P. Morgan Asset Management: Life Sciences Innovation Summit. A gathering aimed at drawing startups and investors from the life sciences sector to Abu Dhabi. Cleveland Clinic Abu Dhabi.
May 14-16, Doha, Qatar: Qatar Economic Forum, Powered by Bloomberg. A news-driven event dedicated to global business and investment. This year’s theme is “A World Remade: Navigating the Year of Uncertainty.” Request your invitation here. Fairmont & Raffles, Doha.
May 20-21, New York City: SALT iConnections. SALT brings together more than 1,500 asset owners, asset managers and entrepreneurs for curated capital introductions and panel discussions. The Glasshouse.
May 20-22, Riyadh, Saudi Arabia: Future Aviation Forum. Airline executives, investors and government ministers gather for the third annual conference on the aviation industry. King Abdulaziz International Conference Center.
May 29-31, Marrakech, Morocco: GITEX Africa. The second edition of the biggest tech and startup gathering in Africa. Place Bab Jdid.
June 5, Hong Kong: Bloomberg Wealth Event. A gathering to bring actionable intelligence to portfolio managers and other dealmakers and analysts from asset managers and owners, family offices and hedge funds. Conrad Hong Kong.
June 23-26, National Harbor, Maryland: SelectUSA Investment Summit. The highest profile event in the U.S. to facilitate business investment by connecting thousands of investors, companies, economic development organizations and industry experts to make deals. Gaylord National Resort and Convention Center.
