A technician cuts through a sheet of carbon fiber at Strata's plant in Al Ain. The company plans to add six new production lines this year. Reuters
A technician cuts through a sheet of carbon fiber at Strata's plant in Al Ain. The company plans to add six new production lines this year. Reuters
A technician cuts through a sheet of carbon fiber at Strata's plant in Al Ain. The company plans to add six new production lines this year. Reuters
A technician cuts through a sheet of carbon fiber at Strata's plant in Al Ain. The company plans to add six new production lines this year. Reuters

UAE's Strata exploring biopharmaceuticals and EV-manufacturing joint ventures, CEO says


Sarmad Khan
  • English
  • Arabic

Strata, Mubadala Investment Company’s aerospace unit, is expanding into biopharmaceuticals manufacturing and is also holding discussions with global electric vehicle makers to bring EV manufacturing to the UAE, its chief executive said.

The company, which is doubling down on its core business of aerospace manufacturing, is seeking to form joint venture partnerships with established companies as part of its long-term strategy to expand its advanced manufacturing capabilities and include more industrial segments.

“We have already started conversations with partners and the intention is to announce something before the end of the year,” Strata chief executive Ismail Abdulla told The National in Abu Dhabi.

“We have aggressive targets that we need to deliver on.”

The company is not interested in generic pharmaceutical products and is looking to only manufacture “certain drugs, therapeutics and vaccines”.

“We are going after monoclonal antibodies,” he said. “We believe that we will be able to address some of the autoimmune diseases, and this is why we want to be specialised.”

Monoclonal antibodies are made in laboratories to fight a particular infection, such as coronavirus.

Strata is looking for partners that are “hungry for growth, are willing to relocate and start new activities in this part of the world to serve the local market, the regional market and then the Russian market”, Mr Abdulla said.

He did not name Strata’s potential JV partners.

Ismail Abdulla, chief executive of Strata. Pawan Singh / The National
Ismail Abdulla, chief executive of Strata. Pawan Singh / The National

In March, Strata said it plans to focus on opportunities in a range of high-tech sectors such as biopharmaceuticals, digitisation, automation, artificial intelligence and manufacturing of advanced materials as it looks to diversify its business lines.

It pivoted to health care in May 2020 when it began to produce N95 masks in partnership with Honeywell after the onset of the Covid-19 pandemic, as part of the government’s push to promote local healthcare sector manufacturing.

Set up by Mubadala in Al Ain more than a decade ago to position the UAE in the global aerospace supply chain, Strata has billion-dollar contracts with Boeing, Airbus, Leonardo in Italy and Pilatus Aircraft in Switzerland.

The company, which formed an aerospace materials joint venture with Belgium’s chemicals producer Solvay in 2017 for Boeing's 777X project, plans to sign similar deals as it broadens its manufacturing base, Mr Abdulla said.

“We're going to use the same model and replicate it many times [going forward],” he said.

The company is working on developing several verticals simultaneously. On Tuesday, Strata announced a partnership agreement with German companies Hyperganic and EOS to develop the “world’s most energy efficient” residential air conditioning system in the UAE.

The partners aim to produce a system that will be 10 times more efficient than the standard alternatives available in the market, the companies said.

“We cannot wait to run things sequentially. So we are running a number of projects,” he said.

Strata is also holding discussions to potentially bring EV manufacturing to the UAE.

Setting up a conventional car manufacturing unit usually requires a large investment to achieve mass production. However, EVs have introduced the concept of a micro factory, which can justify an investment, he said.

EV making is an “interesting market” but “the jury's still out” if Strata would be establishing a factory here in the UAE, he said.

The company, however, will “continue to look at EV opportunities, whether it's manufacturing EV cars, buses, manufacturing battery units or some of the accessories”, he said.

Global sales of EVs more than doubled to 6.6 million in 2021, accounting for 9 per cent of overall car sales, data from the International Energy Agency show. The share of EV sales more than doubled last year from 4.1 per cent share in 2020, when three million units were sold, and more than tripled from 2019's 2.5 per cent share.

Demand for EVs is rising in the UAE as well. The willingness of consumers in the country to use EVs has been attracting fresh investments.

In March, M Glory Holding Group, a Dubai company that invests in technology, said it is setting up an EV manufacturing plant in the emirate.

The Dh1.5 billion ($408.4 million) facility at Dubai Industrial City, which will have a total land area of 93,000 square metres, will be one of the largest in the Middle East and aims to produce 55,000 EVs per year as demand for green mobility continues to rise.

Looking ahead, Strata will add six more production lines to its 24 lines dedicated to aerospace sector-related manufacturing by the end of this year, Mr Abdulla said.

“Aerospace is at the heart of what we do,” he said and added that the company is doubling down on expanding its capacity in its core focus area.

Strata’s balance sheet is well capitalised to undertake the expansion of new production lines and adding new manufacturing verticals as it diversifies its business.

“Funding is not an issue. The challenge is to bring the right sustainable ideas that can work actually,” he said.

Strata last year hit its target of $80m in revenue and expects to surpass the 2021 level as “we've seen some rebound in the market”, Mr Abdulla added.

The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The%C2%A0specs%20
%3Cp%3E%0D%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E6-cylinder%2C%204.8-litre%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E5-speed%20automatic%20and%20manual%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E280%20brake%20horsepower%20%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E451Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh153%2C00%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
The specs: 2018 Ford F-150

Price, base / as tested: Dh173,250 / Dh178,500

Engine: 5.0-litre V8

Power: 395hp @ 5,000rpm

Torque: 555Nm @ 2,750rpm

Transmission: 10-speed automatic

Fuel consumption, combined: 12.4L / 100km

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  • Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
  • Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
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  • Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
  • Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
  • Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
  • Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

SERIES SCHEDULE

First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Stadium
August 12-16
First ODI, Rangiri Dambulla Stadium
August 20
Second ODI, Pallekele International Stadium
August 24
Third ODI, Pallekele International Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

COMPANY%20PROFILE
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
Conflict, drought, famine

Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

Without Remorse

Directed by: Stefano Sollima

Starring: Michael B Jordan

4/5

Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics

 

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

How Filipinos in the UAE invest

A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.

Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).

Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Updated: June 28, 2022, 10:28 AM`