Coronavirus: Saudi Arabia developing halal vaccine
March 25, 2020, 5:34 pm

Coronavirus: Saudi Arabia developing halal vaccine

A Saudi man wearing a protective mask as a precaution against coronavirus in Riyadh on March 15, 2020. (AFP)

Saudi Arabia is developing a halal coronavirus vaccine that could be ready within a year, according to local biopharmaceutical company SaudiVax.

“The development of a COVID-19 vaccine is being done at King Abdulaziz University in Jeddah, and they are in the late stage of the discovery phase,” said Dr. Mazen Hassanain, managing director of SaudiVax, a local private company collaborating on the project.

“We hope the vaccine will be on the market in the Middle East in a year, though that relies on many factors,” added Dr. Hassanain, who is also a professor of surgery at King Saud University in Riyadh. Coronavirus: Saudi Arabia

The vaccine industry in the Kingdom of Saudi Arabia, and the Middle East at-large, lacks development and manufacturing components - the two steps of the vaccine process that follow the discovery phase.

Dr. Hassanain said SaudiVax is “working very hard to fill the gap,” by building a facility for vaccine development and manufacturing that will likely be fully operational in two years. Supported by multiple government sectors, the facility intends to train Saudi citizens on vaccine development and manufacturing.

The groundbreaking of the Saudi Vaccine and Biopharmaceutical Center at King Abdullah University of Science and Technology in Thuwal, Saudi Arabia on December 15, 2018. (Courtesy: Dr. Mazen Hassanain)

In the meantime, the Saudi Arabian coronavirus vaccination team can outsource the next steps in vaccination development.

“Development can be done partially in Saudi Arabia and the rest can be outsourced, most commonly in the United States,” said Dr. Hassanain. “Usually vaccine development is collaborative and can be done between countries.”

SaudiVax is also successfully working on a collaboration with an entity in the US to develop a therapeutic for COVID-19 that also should be available within a year.

Halal vaccine

In the development of vaccines, scientists use live cells that need nutrients to live and survive. These nutrients could include elements that are not considered halal - which means permissible under Islamic law - for example, ingredients derived from pigs like gelatin. Pork is forbidden for Muslims to consume.

The COVID-19 vaccine being discovered in Saudi Arabia will be a certified halal, which should ease hesitancy from Muslim populations who may have religious concerns about a vaccine.

Being the heartland of Islam and a G20 country, Saudi Arabia has many reasons to spearhead a coronavirus vaccine, as well as its vaccine industry, according to Dr. Hassanain.

“We want to be proactive in situations like this. The COVID-19 vaccine initiative is a good trial. if it comes on time, it's perfect. If not, it is a good experience,” said Dr. Hassanain.

“Because we have Muslim visitors coming from around the world for hajj and umrah we are responsible for global health in a way,” added Dr. Hassanain. Hajj and umrah are Islamic pilgrimages to the sacred Kaaba in the city of Mecca in Saudi Arabia.

Muslim worshippers wear masks after the noon prayers outside the Grand Mosque, in the Muslim holy city of Mecca, Saudi Arabia on March 7, 2020. (AP)

Since its inception in 2016, SaudiVax has rallied both the public and private sectors in the country around growing the local vaccine development and manufacturing industry. The company has especially benefited from the Saudi Vision 2030 reform plan, which aims to diversify the economy and develop programs to benefit its citizens.

“With the King Abdulaziz City for Science and Technology, we successfully managed to establish the Saudi vaccine and biomedical center,” said Dr. Hassanain. “As a G20 country, this is expected from us, to be leading in this productivity.”

source: Emily Judd levant

Jerusalem’s Church of the Holy Sepulchre closed due to coronavirus outbreak Coronavirus spread to Qom through Chinese nationals: Iranian health ministry official

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.