Dubai: Dubai-based Medad Technology will invest $100 million towards research and development for healthcare and biotech advances as well as in sustainable mobility. It already has patents for innovations in ultrasound technology, with potentially uses in smoking cessation, medicine delivery and diagnostics.
The firm is part of Medad Holding, which is a sister company of Al Hail Holding (a shareholder in Transguard and Abu Dhabi-based Dalma Mall) and Zand Bank, one of the new generation of digital banks in the UAE.
The company - which is 'advanced talks' with a prospective global partner for an entry into Europe and the US - has already channeled $50 million since 2017-8 on services featuring ultrasound technology. Medad is, at the moment, introducing a patented ‘ultrasound nicotine delivery system’ in the UAE and will invest a further $100 million over the next three years in clinical trials, smoking cessation research and product development across categories.
“We’re delighted that after several years of extensive research and significant investment, we are now able to start introducing our technologies to both local and international markets,” said Mohammed Alshaiba Almazrouei, CEO.