SBI Pharmaceuticals Co opens representative office in Bahrain
- Bahrain: Monday, January 14 - 2013 at 16:10
- PRESS RELEASE
SBI Pharmaceuticals Co, Ltd. (SBI Pharmaceuticals), a subsidiary and the biotechnology arm of the Japanese conglomerate SBI Holdings, Inc. (SBI Holdings), has officially opened a representative office in Bahrain.
SBI Pharmaceuticals is focused on developing pharmaceutical, cosmetic and health food products that contain 5-aminolaevulinic acid (5-ALA) as the main active ingredient. The opening of the representative office is the first stage in establishing a broader regional presence in the GCC. Once set, the company will be overseeing a number of clinical studies, which will include diabetes and early cancer detection, and will also expand the marketing of its products into the region.
Mr. Kitao, commented: "We are delighted to be establishing a presence in Bahrain and I would like to thank the EDB, and the Kingdom's government, for their support as we have moved forward with our decision to set up in Bahrain, and later expand operations into the Middle East. Our biotechnology-related businesses are regarded as SBI Holdings' highest growth business area, centred on the 5-ALA related sectors, and we are expanding globally, focused on pharmaceutical research and discovery, cosmetics and health foods."
SBI Pharmaceutical's arrival in the Kingdom is a result of the direct outreach activities carried out by the Bahrain Economic Development Board (EDB) and follows the recent news that Bahrain continued to secure significant foreign investment throughout 2012. The EDB attracted investments in 2012 from North America, Europe and Asia as well as the Middle East region, which will help create close to 900 jobs over the course of three years. Non- financial services related investments comprised of over US $ 102 million, and during the course of the year, the EDB continued to assist companies that had initiated projects in the Kingdom in 2011, including the inauguration of a project by RMA.
Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the EDB, said: "We are delighted that SBI Pharmaceuticals has established a presence in Bahrain, and we will continue to work closely with them as they look at further expansion and investment opportunities in the Kingdom. Bahrain has long-established ties with Japan, across politics, economics and culture, and there are currently nearly 20 Japanese businesses with operations in the Kingdom in the fields of finance, trading, manufacturing and construction."
As a leading business and financial hub at the heart of the Gulf, a market now worth $1.4 trillion, Bahrain has long been considered the gateway to the region, with easy access to the large economies of Saudi Arabia, Kuwait and Qatar. The Kingdom's highly skilled bilingual local workforce and low cost of doing business mean that it is a natural home for firms looking to invest in the region.
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