Day: February 13, 2023

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OPEN Health to acquire leading US-based life science strategy and advisory firm Acsel Health

London, U.K., Feb. 13, 2023 (GLOBE NEWSWIRE) — OPEN Health, a pre-eminent global provider of scientific communications and HEOR & market access services, announced the acquisition of Acsel Health (“Acsel”), a New York-based life science strategy and advisory firm focused on commercial strategy, pricing and market access, and commercial excellence.

Acsel’s deep industry expertise, scientific rigor, and actionable analysis drives its success in providing valued partnership to life science companies. These capabilities will complement OPEN Health’s existing offering, broadening the range of services it offers to pharma and biotech companies.

Lujing Wang, Managing Partner of Acsel Health, said, “We are thrilled to join OPEN Health and to work with a wider team to solve for today’s demands and meet tomorrow’s expectations for pharma and biotech customers. With new colleagues and capabilities to partner with, we are equipped to answer the most challenging cross-disciplinary questions in life science across all key therapeutic areas.”

“Acsel is an extraordinary addition to OPEN Health. Acsel’s expert team and long-standing client relationships significantly strengthen our ability to support the commercialization of our clients’ assets and unlock access for patients.” said OPEN Health CEO, Rob Barker. “We are excited to welcome Acsel Health into the OPEN Health Group and look forward to working with our new colleagues to offer our clients innovative, scientific solutions around the globe.”

Fairmount Partners acted as exclusive financial advisor to Acsel Health. The terms of the transaction were not disclosed.

About OPEN Health

OPEN Health unites deep scientific knowledge with wide-ranging specialist expertise to unlock possibilities that improve health outcomes and patient wellbeing. Working in partnership with our clients, we embrace our different perspectives and strengths to deliver fresh thinking and solutions that make a difference. OPEN Health is a flexible global organization that solves complex healthcare challenges across HEOR and market access, medical communications and creative omnichannel campaigns. For more information on OPEN Health, visit www.openhealthgroup.com.

About Acsel Health

Acsel Health is a consulting firm that partners with renowned life science companies to guide life-changing innovations through their critical stages, from early development through market maturity. Acsel applies best-practice principles to develop and deliver highly individualized solutions to challenges across the product lifecycle for our clients. For more information on Acsel Health, visit www.acselhealth.com.

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Candice Subero
OPEN Health
candicesubero@openhealthgroup.com

GlobeNewswire Distribution ID 8744608

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Preqin Publishes New Territory Guide: Real Estate in Saudi Arabia 2023

Dry powder reaches $537mn

LONDON, Feb. 13, 2023 (GLOBE NEWSWIRE) — Preqin, the global leader in alternative assets data, tools, and insights, published its Real Estate in Saudi Arabia 2023: Preqin Territory Guide. The report shows that while fundraising for closed end real estate funds in Saudi Arabia has been slowing in recent years, there may be an increase in activity this year with a number of funds currently open to investment.

The Preqin Territory Guide series gives alternatives investors data-driven insight on the opportunities in a particular market or region.

Monumental investments in real estate planned in Saudi Arabia

Real estate is at the heart of Saudi Arabia’s vision of its future. The Kingdom is rich in oil revenues, but is also cultivating private finance and expertise from both domestic and international sources to deliver its Vision 2030 ambitions. Furthermore, there are developing plans for monumental investments in real estate, such as the $500bn Neom desert city project. While the asset class has long been a core component of investor portfolios in Saudi Arabia, it’s not a fully institutionalized market. Investors have plenty of options to gain exposure to the region, with access routes including real estate investment trusts (REITs), separately managed accounts (SMAs), club and direct deals, and small but ambitious private fund managers.

Offering enhanced insights into the region, Preqin is now tracking 35 real estate fund managers in Saudi Arabia. Data shows assets under management (AUM) in closed-end funds at Saudi Arabia-based managers stand at $3.2bn at the end of June 2022, with dry powder of $537mn, the majority of which is in core strategies.

The pace of fundraising might be slowing, but an increase could be on the horizon

The fundraising market in the region has slowed in recent years, with the number of private real estate funds closing annually from a peak of 11 in 2017. However, there may be an increase in activity this year, with 9 Saudi Arabia-based real estate funds currently open to investment. The largest managers in the region, as measured by funds raised over the past 10 years, are Blominvest Saudi Arabia ($1.0bn), the Investor for Securities Company ($903bn), and Jadwa Investment ($747mn), followed by Alkhabeer Capital ($375mn), Al Rajhi Capital ($336mn), Tharwat For Financial Securities ($317mn), and Albilad Capital ($304mn).

Furthermore, in terms of the prospects for international investors, with its Public Investment Fund (PIF), Saudi Arabia has an entity that can pull expertise and capital into the country. The $620bn AUM sovereign wealth fund, already one of the world’s largest investors in alternative assets, has a strategic goal to provide access to capital from the private sector and its other strategic partners, also with a view to gain exposure to international domain expertise associated with such capital.

However, while Preqin analysts believe a reversal in fundraising trends might be a possibility, it must be noted that this is a particularly opaque corner of the alternatives market and many funds that have closed in the past few years did not disclose the amount of capital they had raised.

David Lowery, SVP, Head of Research Insights, says, “We see strong fundamentals for real estate in Saudi Arabia. This is illustrated by the country’s GDP which was estimated to have increased by 8.6% in the year to Q3 2022, with inflation running at a relatively low rate of 2.5%. While real estate deal activity across all segments is constrained by a lack of supply, the hospitality sector is enjoying a post-COVID-19 boom, underpinned by the recovery in religious tourism and continued growth in entertainment and conferences.”

Key Preqin Real Estate in Saudi Arabia 2023 facts:

  • AUM: Closed-end funds’ AUM at Saudi Arabia-based managers reached $3.2bn by the end of June 2022
  • Funds: 9 Saudi Arabia-based real estate funds tracked by Preqin are currently raising capital
  • Dry powder: Preqin data shows $537mn in dry powder in closed-end real estate funds in Saudi Arabia

For more information, and to receive a full copy of the report, contact Dawn Bowles, Senior Marketing Manager, Regional Marketing, Growth Markets, at dawn.bowles@preqin.com

– Preqin Pro data covers unlisted closed-end real estate funds. The charts and tables in the report are for this segment of the real estate market in Saudi Arabia only

– All reference to ‘$’ is USD

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About Preqin

Preqin, the Home of Alternatives™, empowers financial professionals who invest in or allocate to alternatives with essential data and insight to make confident decisions. It supports them throughout the entire investment lifecycle with critical information and leading analytics solutions. The company has pioneered rigorous methods of collecting private data for 20 years, enabling more than 200,000 professionals globally to streamline how they raise capital, source deals and investments, understand performance, and stay informed. For more information visit www.preqin.com.

GlobeNewswire Distribution ID 1000782087

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Pakistan, US renew resolve to enhance bilateral maritime, defense cooperation

Pakistan and the United States have renewed the resolve to enhance their bilateral maritime and defence cooperation.

The resolve was expressed during meeting of Ambassador of the United States to Pakistan Donald Blome with Chief of the Naval Staff Admiral Muhammad Amjad Khan Niazi in Karachi today during the ongoing multinational exercise AMAN-23.

During the meeting matters of mutual interest, regional maritime security and bilateral collaboration were discussed.

Source: Radio Pakistan

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Parliament’s joint session holds debate on key issues

The Joint Sitting of the Parliament undertook a discussion on various issues including law and order and terrorism, economic policy, Jammu and Kashmir Issue, respect for national institutions, China-Pakistan-Economic-Corridor, population explosion, Climate Change impact and foreign policy of the country.

The discussion is aimed at creating awareness and building consensus on these issues.

Taking part in the debate, Senator Mushtaq Ahmed Khan said incidents of terrorism are rampant in Khyber Pakhtunkhwa and authorities concerned should take notice of this to protect life and liberty of the people of the province. He, however, said the provincial police have rendered unmatched sacrifice in the fight against terrorism; despite lack of resources, equipment and training. He said Islamic scholars, political forces and the general public of Khyber Pakhtunkhwa have strongly rejected terrorists and their ideology.

Mushtaq Ahmed Khan also urged the speaker to issue the production order of detained MNA Ali Wazir.

Shazia Marri said economic development is interlinked with peace and stability in the country for which we need to fully eliminate terrorism. She said an in-camera session, seeking feedback of security agencies on countering terrorism can be convened to evolve a comprehensive policy to curb militancy from the country.

Irfan Siddiqui said Islam preaches peace and terrorists have nothing to do with the religion and morality. He suggested constituting a committee of both the Houses to evolve a strategy to deal with the menace of terrorism.

Senator Haji Hidayatullah Khan criticized the previous government of PTI in Khyber Pakhtunkhwa for allowing resettlement of terrorist elements in the province. He said around four hundred billion rupees were provided to the provincial government of PTI but it wasted funds anywhere else instead of upgrading the police force to curb the militancy.

Mutfi Abdul Shakoor said Imran Khan and his cronies have committed economic terrorism in the country by damaging international relations of Pakistan with friendly countries. He said Imran Khan had claimed that United States was behind his ouster from power but now he is exonerating Washington of any such conspiracy. He said Imran Khan should be held responsible for economic terrorism in the country.

Those who also spoke on the occasion include, Mohammad Aslam Bhootani and Kishwar Zehra.

The Joint Sitting of the Parliament will meet again tomorrow [Tuesday] at four p.m.

Source: Radio Pakistan

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President calls for boosting Pak-Senegal cooperation in diverse sectors

President Dr Arif Alvi has underlined the need for enhanced cooperation with Senegal in the areas of trade, economy, and education.

He was talking to Pakistan’s Ambassador-designate to Senegal Saima Sayed, who called on him in Islamabad on Monday.

The President said both countries have great potential to increase bilateral trade and economic relations for their mutual benefit.

He said Pakistan considers Senegal an important country in the West African region and asked the ambassador to make concerted efforts towards further expanding the bilateral ties.

The president asked the ambassador-designate to arrange more trade exhibitions in collaboration with the ministries concerned to boost bilateral trade volume.

He called for increased cooperation between Pakistan and Senegal in the area of education.

Source: Radio Pakistan

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PM reassures all-out support to quake-hit Turkiye

Prime Minister Shehbaz Sharif has reassured all-out support to Ankara saying that his government and people of Pakistan are standing by Turkiye in this hour of grief.

Talking to Ambassador of Turkiye during his visit to Embassy of Turkiye in Pakistan to express solidarity with Turkish brethren, he also conveyed his deepest condolence to the families of the earthquake victims.

He said that more medical and rescue teams will be sent to Turkiye in coming days along with necessary aid items including tents, blankets and warm clothes.

The Prime Minister stressed the need to create a mechanism for the supply of needed items.

Recalling the support and help of Turkiye in 2005 earthquake and recent floods in Pakistan, Shehbaz Sharif said we will spare no effort at all in cooperating with our Turkish brethren in their relief and rehabilitation process.

The Prime Minister said initially we are pushing large chunk of aid through trucks and airlines and also exploring ways to make the supply through trains.

Expressing deep sorrow over the loss of lives and property in the devastating earthquake, he said any amount of effort won’t be enough as the loss is beyond imagination.

On this occasion, Turkish Ambassador Mehmet Paçaci, while expressing gratitude to the Prime Minister Shehbaz Sharif, said that Pakistan’s support has eased our grief. He said we are proud of having friendship and brotherhood of Pakistan.

Foreign Minister Bilawal Bhutto Zardari also accompanied the Prime Minister during the visit to Turkish Embassy.

Source: Radio Pakistan

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PM directs for strict action against hoarders to ensure supply of essential commodities

Prime Minister Shehbaz Sharif has directed the authorities concerned to ensure uninterrupted availability of edible items to the people across the country.

He was chairing a meeting in Islamabad on Monday regarding the availability of essential items and ensuring stability in their prices.

The Prime Minister directed to take firm action against the hoarders so that the supply chain of essential items could be maintained. For this purpose he stressed for greater coordination amongst the federation and provinces.

The Prime Minister stressed that it is the primary responsibility of the federal and provincial governments to ensure provision of essential items to the people without any interruption and at low cost.

He said barriers in the way of import of basic commodities should be removed on priority basis.

He directed to set up special committees to improve supply chain and stabilize the prices of essential items.

The Prime Minister said there is no shortage of essential commodities in the country including that of wheat.

Shehbaz Sharif directed the provinces and administrative units to present a concrete strategy in the next review meeting regarding ‘Sasta Ramadan Bazaars’ and the supply of essential commodities at cheap prices during the holy month of Ramadan.

He said technology should be employed to ensure stability of prices in Ramadan bazaars. Adequate security measures should also be put in place in these bazaars. He said the number of Sasta bazaars should be increased in the most populated cities.

The meeting was informed that there is no shortage of food items in the country and adequate steps are being taken to deliver wheat, pulses, edible oil and other commodities to the people.

The meeting was informed that the federal government is providing wheat to the provinces as per their requirement. It was assured that stern action will be taken against those who will create artificial shortage of commodities.

The meeting was further informed that mobile phone applications are being used in some provinces for provision of basic food items to the people at cheap rates.

Source: Radio Pakistan