Saint-Petersburg, June 3, 2021 – Binnopharm Group, the Russian Direct Investment Fund (RDIF, Russia’s sovereign wealth fund) and Bahrain’s Mumtalakat Holding Company (Mumtalakat, sovereign wealth fund of the Kingdom of Bahrain) signed a Memorandum of Understanding (MoU) to establish a new vaccine production facility in the Kingdom of Bahrain to manufacture and distribute the Russian Sputnik V coronavirus vaccine across the MENA region.
The MoU was signed on the sidelines of the St. Petersburg International Economic Forum. Bahrain authorized the emergency use of Sputnik V vaccine In February 2021.
Dmitry Zubov, Chairman of the Board of Binnopharm Group, said:
“Last summer, Binnopharm Group’s pharmaceutical plant in Zelenograd was the first in Russia to launch production of the COVID-19 vaccine Sputnik V. Over the last year we perfected the technology down to the details and now have a good understanding of how to scale up production of the vaccine. We are happy to share our know-how with other countries to assist them in developing their own production of Sputnik V at scale.”
Kirill Dimitriev, CEO of the Russian Direct Investment Find (RDIF), added:
“Our collaboration with Mumtalakat goes back a long way and has resulted in a successful co-investment program as well as a fruitful partnership between our organizations. We are delighted to extend our cooperation to establish a production facility in Bahrain to produce Sputnik V - the world’s first registered coronavirus vaccine. Sputnik V has been included in Bahrain’s national portfolio in February and is successfully used to protect the population against coronavirus. Local production will increase our international production capabilities and help other countries of the region to prevent the spread of COVID-19.”
HE Khalid Al Rumaihi, CEO of Mumtalakat, commented:
“Our partnership with both RDIF and Binnopharm Group will enable the Kingdom of Bahrain to continue to be at the forefront of fighting this pandemic whilst working to further enhance the region’s healthcare sector through the establishment of this facility. As the sovereign wealth fund of Bahrain we continue to look into partnerships and ventures that will add value to our portfolio as well as bring long-term sustainable solutions to the Kingdom and wider region.”
Binnopharm Group is a full-cycle Russian pharmaceutical holding company that combines five production sites located in different regions of Russia: JSC Alium (the Serpukhov district of the Moscow region), JSC Binnopharm (2 sites: Zelenograd and Krasnogorsk), OJSC Sintez (Kurgan) and CJSC Biocom (Stavropol). Binnopharm Group companies produce a wide range of drugs of various therapeutic groups and have the largest portfolio of drugs among Russian manufacturers (more than 450 marketing authorisations, including the COVID-19 vaccine Sputnik V). Binnopharm Group is а subsidiary of Sistema PJSFC, a publicly traded Russian investment company.
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 80 projects with foreign partners totaling more than RUB2 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF has established joint strategic partnerships with leading international co-investors from more than 18 countries that total more than $40 bn. Further information can be found at www.rdif.ru
Mumtalakat, the Bahrain Mumtalakat Holding Company, is the sovereign wealth fund of the Kingdom of Bahrain. With a mandate to grow the wealth of Bahrain through long-term investments based on sound financial, strategic and governance principles, Mumtalakat holds stakes in over 60 commercial enterprises with a portfolio spanning a variety of sectors, including industrial manufacturing, financial services, telecommunications, real estate, logistics, consumer products, healthcare and education. Further details on Mumtalakat can be found at www.mumtalakat.bh