Minnesota businesses going to Saudi Arabia for partnerships or capital may become a more frequent event.
In January, five Minnesota companies went to Saudi Arabia, as part of a larger initiative by the BioBusiness Alliance of Minnesota to improve investment in start-ups. The companies went for a variety of reasons, whether it was to find a distributor or a clinical site, set up a strategic partnership or land financing.
Now, the BioBusiness Alliance of Minnesota's Pharmaceutical and Biological Products Consultant Cheryl Matter said the group is considering making two or three trips a year in the future.
The alliance is waiting to hear back from the five companies, to see if deals or partnerships are signed as a result of the first trip. All of the companies are in discussions with Saudi Arabia firms, but no deals have been made yet.
"We're comfortable with the progress of the discussions and the likelihood of success, so we want to organize the next trip," Matter said.
The alliance said it is organizing another trip to Saudi Arabia through its business relationship with Al Khaymah Establishment USA, a Saudi-U.S. development firm. That trip will happen later this year and will probably involve three Minnesota companies, Matter said. The application process is still open.
