Cure for cancer the next target for Pfizer-BioNTech COVID-19 vaccine inventor Ugur Sahin

Ugur Sahin, the co-founder and CEO of BioNTech, with Arab News's Frank Kane on Frankly Speaking. (AN photo)
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Updated 08 March 2021
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Cure for cancer the next target for Pfizer-BioNTech COVID-19 vaccine inventor Ugur Sahin

  • Turkish-German scientist and entrepreneur envisions use of techniques developed for COVID-19 fight in successful cancer treatment
  • Sahin says a new vaccine version would be more easily transportable and more effective against new COVID-19 variants

DUBAI: The man who invented the first vaccine against the deadly coronavirus is prioritizing a cure for cancer as his post-pandemic target.

Ugur Sahin, the co-founder and chief executive of BioNTech, the firm which developed the earliest authorized vaccine in partnership with Pfizer, told Arab News that successful cancer treatment, using similar techniques he developed in the fight against COVID-19, was his next goal.

Sahin, who developed the vaccine along with his wife Ozlem Tureci, who is BioNTech’s chief medical officer, was appearing in the latest episode of Frankly Speaking, the series of video interviews with leading global policy-makers and business people.

“Definitely. The success now with our COVID-19 vaccine is of course transformative for the company, and we see that as a great opportunity,” he said

 

Sahin also spoke of the “next generation” of COVID vaccine his company is developing, the need for a fairer system of global distribution of the existing vaccine, and the possibility that the Pfizer-BioNTech vaccine could be manufactured in the Middle East.

BioNTech began life as a company focused on using revolutionary mRNA technology to develop new medical weapons in the fight against cancer, and Sahin said that was his next goal once the pandemic had been defeated. The success of the COVID-19 vaccine has proved a vindication of his methods, and given BioNTech the financial resources to pursue the cancer treatment.

“We see that as a great opportunity, and also an obligation to think in an even bigger fashion about our vision, and how we could accelerate our cancer program and make it more available,” he said.

Sahin, who is the son of Turkish immigrants to Germany, where BioNTech is based, revealed that a new version of the COVID-19 vaccine could be ready soon, one that is more easily transportable and which could deal more effectively with the more deadly variants of the disease that are appearing in different parts of the world.

“We started to manufacture our vaccine and it came at the beginning with a challenge. We have a vaccine which has to be kept at minus 70 degrees. It’s not yet suitable for supply to all regions on the planet,” he said.

“But we are working on better conditions. We have, most recently, published that we can also start at minus 20 and we will continue to work on that and our aim is really to make our vaccine available — 2 billion doses and maybe even more in 2021 — including not only developed countries but also developing countries.” 

 

The “next generation” of the vaccine could be stored and transported at temperatures as high as minus 2 to minus 8 degrees, he said.

Sahin said that the existing vaccine was also expected to be effective against the South African variant of the virus, which is more transmissible and leads to higher fatality rates, but he added that there was still more testing to be done and data analyzed on the new variants.

Distributing the vaccine more fairly is a challenge, he admitted. “Fairness is always a question of logistics and also accessibility. Our goal when we started to develop this vaccine — and this is in the center of our hearts — is to make our vaccine available worldwide to everyone who needs it,” he said.

He also believes that a more innovative and entrepreneurial approach is needed to solve the problems of distribution of the vaccine to poorer parts of the world.

“We should really ask the question: How can we work together to make that possible?” Sahin said. “That's for some of the future goals, to really understand what are the limitations. For example, for the vaccine supply now, I really want to understand what is the limitation to make our vaccine available to people everywhere,” he said.

One of the key questions in the minds of economic and medical policymakers is when the increasing level of vaccination will begin to bring economic life back to normal after the damaging lockdowns of the past year. “it indeed depends on the rollout. We have this magic number of about 60 to 70 percent of people being vaccinated to start to see a herd immunity, but we are already starting to see the first effects of the vaccinations, with countries starting to vaccinate elderly people.

 

“So the first effect is that the hospitalizations are dropping in the vaccinated people and that's the first very important aspect — to get the reduction of hospitalization and mortality, and later on get also a better control of infections,” Sahin said.

On the problem of persuading people reluctant to have the vaccine, he said: “We have to continue to communicate the benefits we are seeing. This could help convince people.”

BioNTech partnered with US pharmaceuticals group Pfizer when the potential of its vaccine was in the early stages, optimizing the Americans’ global network for clinical trials, supply and regulatory know-how.

“So, we combined our skills and we are working together, driven by science. At the end of the day, we all want to accomplish the same: We want to develop the vaccine as soon as possible, we want to produce as much as possible, and of course we want to have a safe and effective vaccine,” he said.

Outside the US, the vaccine is manufactured at BioNTech facilities in Europe and transported internationally. A new facility in the German town of Marburg is being prepared to manufacture the vaccine in greater numbers, but Sahin explained the long and complex work required in setting up facilities overseas.

 

“It will take us about eight months until we will get out the first vaccines from Marburg. So, this is really the minimal time that would be required. It does not help in the early phase of the pandemic to set up new factories somewhere else. Every factory that we are now starting to consider will help us only in mid-2022,” he said.

The vaccine has been authorized and delivered early in Saudi Arabia and other parts of the Middle East, and two countries in the region — Israel and the UAE — top the world tables for the highest proportion of their populations already vaccinated.

Sahin said that the region could be the location of future manufacturing facilities, for the COVID-19 vaccine or for other, potentially more devastating viruses.

“What this pandemic taught us is very clear. It was somehow expected by experts, since more than 20 years, that this could happen. It happened and we were not well prepared, the world was not well prepared. This is a bad pandemic, but it's not the worst possible pandemic,” he said.

 

Sahin declined to comment on the qualities of rival vaccines available. “This is not a race. If it is a race, it’s against the virus, and I'm really happy about that,” he said.

“I had predicted that we will need multiple vaccine developers to participate and to ensure that everyone on the planet is able to get a vaccine, and this is happening.

“It is wonderful to see that all kinds of international collaborations have come up not only with one vaccine, but there are multiple vaccines.”

Sahin and Ozlem, who were named “People of the Year 2020” for their breakthrough in developing the first authorized vaccine, also joined the ranks of the world’s billionaires as the value of the company soared on news of the vaccine.

The founders of BioNTech have strong views on the value of philanthropy in the fight against life-threatening diseases, as rich and successful entrepreneurs increasingly donate a large proportion of their wealth to medical research.

“It is extremely important. We have to understand everyone can do something, and the way we would like to position our company is to become a useful company with a philanthropic vision. At the end of the day the question is: How can we ensure that the things we do are done for the benefit of humanity,” Sahin said.

“I don't see a clear reason why, for example, people living in Africa should not benefit from modern cancer treatments.”

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Twitter: @frankkanedubai


UBS gets green light to open Saudi branch for banking operations

Updated 23 April 2024
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UBS gets green light to open Saudi branch for banking operations

RIYADH: In a move aimed at enhancing Saudi Arabia’s financial landscape, the Kingdom has granted permission for a branch of the Swiss bank UBS to operate within the nation. 

According to the Saudi Press Agency, the approval was granted during a session chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud, held by the Cabinet in Jeddah on April 23.

The session commenced with King Salman briefing the Cabinet on the recent communications and discussions held between the Kingdom and several countries regarding shared relations, regional issues, and global developments, as reported by SPA.

In this context, the Cabinet reaffirmed Saudi Arabia’s steadfast stance toward promoting security and stability in the region and the world. 

The Minister of Media, Salman bin Yousef Al-Dossary, stated in a press release following the session that the Cabinet praised the outcomes of the second ministerial meeting of the dialogue between the Gulf Cooperation Council countries and Central Asian countries. 

He emphasized the Kingdom’s commitment to continue strengthening communication channels with various countries worldwide and supporting areas of joint coordination, including multilateral efforts.

Additionally, the Cabinet expressed its appreciation for the participants of the forthcoming World Economic Forum special meeting, set to take place in Riyadh in the upcoming week, highlighting the Kingdom’s dedication to encouraging global collaboration and tackling shared challenges.

Moreover, the Cabinet announced that the World Bank had selected Saudi Arabia as a center for knowledge dissemination to promote worldwide awareness of economic reforms, underscoring its leadership in achieving significant progress in global competitiveness indicators.

Al-Dossary further highlighted that the Cabinet applauded the achievement of five Saudi cities in obtaining advanced positions in the 2024 Smart Cities Index.

Following today’s session, the Cabinet approved cooperation agreements with Qatar, the Dominican Republic and the UK as well as Turkey, Chad, Portugal, Hong Kong, and Yemen.

Additionally, the body authorized discussions regarding statistical collaboration with Australia and maritime cooperation with Egypt. It also endorsed anti-corruption agreements with South Korea, archival partnerships with Greece, and financial technology collaboration with Singapore.

Authorization was granted for negotiations on science and technology cooperation with the Bahamas. A unified law for international road transport within GCC countries was approved, and additional compensation was granted to Tabah village’s affected families in the Hail region. 

Furthermore, final accounts for various government entities were approved.


UAE and Oman establish $35bn investment partnerships across multiple sectors 

Updated 23 April 2024
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UAE and Oman establish $35bn investment partnerships across multiple sectors 

RIYADH: Trade and economic ties between the UAE and Oman are set to further strengthen thanks to the signing of investment deals worth 129 billion dirhams ($35.12 billion).  

According to a press statement, these agreements cover multiple sectors, including renewable energy, green metals, railway, digital infrastructure, and technology investments. 

Economic ties between the UAE and Oman have remained robust in recent years, with non-oil trade volumes reaching approximately 50 billion dirhams in 2023. 

“The UAE and Oman have strong historical relations that are founded on shared values, goals and principles. The agreements represent a major milestone in our bilateral ties, as they pave the way for us to leverage our collective strength to realize our shared vision of advancement and prosperity,” said Mohamed Hassan Al-Suwaidi, UAE’s minister of investment.  

One of the major agreements signed by both countries was an industrial and energy megaproject valued at 117 billion dirhams. This project encompasses renewable energy initiatives, including solar and wind projects, alongside green metals production facilities. 

The deal’s signatories included Abu Dhabi National Energy Co., Abu Dhabi Future Energy Co., and Emirates Global Aluminium, as well as Emirates Steel Arkan, OQ Alternative Energy, and Oman Electricity Transmission Co. 

Another agreement, valued at 660 million dirhams, was signed between Abu Dhabi Developmental Holding Co. and Oman Investment Authority to establish a technology-focused fund. 

A UAE-Oman rail connectivity project, valued at 11 billion dirhams, was also inked by both countries. 

Additionally, UAE’s Ministry of Investment and the Ministry of Commerce and Trade signed another deal with Oman’s Ministry of Investment Promotion to cooperate in multiple sectors, including digital infrastructure, food security, and energy. 

Etihad Rail, Mubadala, and Omani Asyad Group Co. signed a shareholding partnership valued at 3 billion dirhams. 

Both countries also announced the formation of a UAE-Oman alliance to enhance bilateral economic and trade relations. 

The UAE’s Ministry of Investment, in the press statement, further noted that the signing of these agreements will serve to bolster relations across key sectors and foster socio-economic benefits, contributing toward a stable and prosperous future for both countries. 


Influx of Chinese models to drive Mideast EV sales amid global surge

Updated 23 April 2024
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Influx of Chinese models to drive Mideast EV sales amid global surge

  • The IEA report disclosed that global EV sales grew by approximately 25 percent in Q1 of 2024

RIYADH: The entry of Chinese car models in the Middle East could drive regional electric vehicle sales, as global figures are projected to reach 17 million units by 2024. 

According to the latest International Energy Agency report, this marks a 21.42 percent increase from the previous year, with nearly 60 percent of new electric car registrations in 2023 occurring in China, followed by 10 percent in the US and 25 percent in Europe. 

“The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others. Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth,” said Fatih Birol, executive director of the IEA. 

The Global EV Outlook 2024 stated that the electric car market in Africa, Eurasia, and the Middle East is still in its nascent stage, with such vehicles representing just under 1 percent of total sales in these regions. 

However, the decision of Chinese carmakers to explore these regions, along with producing vehicles domestically, could change this trend, allowing the market to expand in the coming years. 

“In Uzbekistan, BYD (Chinese automaker) set up a joint venture with UzAuto Motors in 2023 to produce 50,000 electric cars annually, and Chery International established a partnership with ADM Jizzakh,” stated the IEA in the report.  

This partnership has already led to a steep increase in electric car sales in Uzbekistan, reaching around 10,000 in 2023. 

It added: “In the Middle East, Jordan boasts the highest electric car sales share, at more than 45 percent, supported by much lower import duties relative to ICE (internal combustion engine) cars, followed by the UAE, with 13 percent.” 

Moreover, in July last year, Saudi Arabia’s Ministry of Investment signed a $5.6 billion deal with Chinese electric car maker Human Horizons to collaborate on the development, manufacture, and sale of vehicles. 

Steady growth  

The IEA report disclosed that global sales of electric cars grew by approximately 25 percent in the first quarter of this year compared to the same quarter in 2023. 

Highlighting the growth of the EV market, the report revealed that the number of electric cars sold globally in the first three months of this year is roughly equivalent to the total units sold in 2020. 

The steady growth in the first quarter of this year was driven by China, with 1.9 million EVs sold, marking a 35 percent rise compared to the same period in 2023. 

In Europe, the first quarter of 2024 witnessed year-on-year growth of over 5 percent, slightly surpassing the growth in overall car sales and thus maintaining the EV sales share at a similar level to that of last year. 

The US also experienced a 15 percent increase in sales in this segment during the first three months of this year, compared to the same period in 2023. 

According to Birol, the rise in investments in the electric battery sector is a strong indication of the rise of the EV appetite globally. 

“The wave of investment in battery manufacturing suggests the EV supply chain is advancing to meet automakers’ ambitious plans for expansion. As a result, the share of EVs on the roads is expected to continue to climb rapidly,” said the executive director of IEA. 

He added: “Based on today’s policy settings alone, almost one in three cars on the roads in China by 2030 is set to be electric, and almost one in five in both the US and the EU. This shift will have major ramifications for both the auto industry and the energy sector.” 

EV prices to fall  

The report highlighted that the pace of the transition to EVs may not be consistent and will hinge on affordability. 

IEA added that manufacturers have taken significant steps to deliver on the strengthening EV ambitions of governments by making significant financial commitments. 

“Thanks to high levels of investment over the past five years, the world’s capacity to produce batteries for EVs is well positioned to keep up with demand, even as it rises sharply over the next decade,” said the report. 

According to the intergovernmental organization, more than 60 percent of electric cars sold in 2023 were already less expensive to buy than their conventional equivalents in China. 

However, the purchase prices for cars with internal combustion engines remained cheaper on average compared to EVs in the US and the EU. 

The report suggested that intensifying market competition and improving battery technologies are expected to reduce the prices of electric cars in the coming years. 

“Even where upfront prices are high, the lower operating costs of EVs mean the initial investment pays back over time,” said IEA. 

Moreover, growing electric car exports from Chinese automakers, which accounted for more than half of all electric car sales in 2023, could add to downward pressure on purchase prices. 

IEA also underscored the vitality of ensuring the availability of public charging slots to maintain the steady growth of the electric car market globally. 

According to the report, the number of public charging points installed globally was up 40 percent in 2023 compared to 2022, and growth for fast chargers outpaced that of slower ones. 

However, IEA added that charging networks globally need to grow sixfold by 2035 to meet the level of electric vehicle deployment in line with the pledges made by governments. 

“At the same time, policy support and careful planning are essential to make sure greater demand for electricity from charging does not overstretch electricity grids,” concluded the report. 


Closing Bell: Tasi slips for the second consecutive day

Updated 23 April 2024
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Closing Bell: Tasi slips for the second consecutive day

RIYADH: Saudi Arabia’s Tadawul All Share Index continued its downward trend for the second consecutive day as it shed 24.52 points to close at 12,484.41. 

The total trading turnover of the benchmark index was SR8.44 billion ($2.25 billion), with 71 of the listed stocks advancing and 157 declining. 

On the other hand, Saudi Arabia’s parallel market Nomu gained 95.74 points on Tuesday to close at 26,691.96. 

However, the MSCI Tadawul Index slipped by 0.24 percent to 1,563.40. 

The best-performing stock of the day was United Cooperative Assurance Co. The firm’s share price rose by 6.67 percent to SR13.44.

Other top performers include Etihad Atheeb Telecommunication Co. and Gulf Union Alahlia Cooperative Insurance Co., whose share prices surged by 4.84 percent and 4.54 percent, respectively. 

The worst performer in the main market was Fitaihi Holding Group, as its share price slipped by 4.77 percent to SR4.19. 

The parallel market’s positive performance was driven by Osool and Bakheet Investment Co., whose share price soared by 7.83 percent to SR36.50. 

On the announcements front, Middle East Paper Co. said it has started its cardboard factory project, which will have a production capacity of 450,000 tonnes. 

In a statement to Tadawul, MEPCO revealed that the feasibility study for the project has been completed with a final budget of SR1.78 billion. 

The company went on to say that the undertaking would be completed in 42 months. 

The initiative will be funded by the MEPCO’s internal resources, by long-term loans from local banks and the use of funds resulting from the issuance of the shares to Saudi Arabia’s Public Investment Fund, the statement added. 

Meanwhile, in another statement, MEPCO revealed that it signed another agreement with J.M. Voith SE & Co. KG, for manufacturing, supplying and supervising the installation of the main machine for the cardboard project.


Egypt increases funding needed in 2024-2025 budget by over $59bn 

Updated 23 April 2024
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Egypt increases funding needed in 2024-2025 budget by over $59bn 

RIYADH: Egypt has increased the amount of funding required in its 2024-2025 budget by over 2.8 trillion pounds ($59 billion) following successive shock waves.

In the financial statement of the new draft budget, Minister of Finance Mohamed Maait highlighted that the changes are reflective of the continuous struggles that the North African country has been facing following the COVID-19 epidemic. 

The added funding aims to alleviate the inflationary effects that have been burdening the Egyptian public, improve the standard of living, and meet the developmental needs of citizens, the report said. 

The allocation of spending in the budget will also seemingly reflect the needs of individuals by increasing spending on health and education and aiming to improve job opportunities. 

Egypt’s economy has witnessed blows over the last half year due to the ongoing crisis in Gaza, which has slowed tourism growth and cut into Suez Canal revenue, two of the country’s biggest sources of foreign currency.

Amid a staggering shortage of foreign currency and rapidly increasing inflation, the challenges prompted the International Monetary Fund to expand its financial support to Egypt to $8 billion in an attempt to shore up the country’s economy.

In a statement in March, the IMF board said its decision would enable Egypt to immediately receive about $820 million.

Similarly, the UAE, represented by a private consortium led by the Abu Dhabi Developmental Holding Co., signed a landmark agreement with Egypt in February to invest $35 billion in Ras El-Hekma, a region on the Mediterranean coast 350 km northwest of Cairo. 

Since securing the deal, which marked the single largest foreign direct investment in the North African country, the nation launched some long-sought reforms with the central bank delivering a 600 basis-point interest rate hike and a pledge to unshackle its currency alongside a devaluation.

This led S&P Global Ratings to note that it has been encouraged by the rush of financial support to Egypt, therefore lifting its economic outlook for the country to positive from stable after the long-awaited currency devaluation, which is poised to ease foreign currency shortages.