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Business News›Tech›Funding›Polymatech enters MENA with $16.2-million Bahrain
funding



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POLYMATECH ENTERS MENA WITH $16.2-MILLION BAHRAIN FUNDING

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Polymatech enters MENA with $16.2-million Bahrain funding
By
Dia Rekhi

, ETtechLast Updated: Sep 14, 2024, 07:24:00 AM IST
Synopsis


POLYMATECH DESIGNS, MANUFACTURES, PACKAGES, AND ASSEMBLES OPTO-SEMICONDUCTOR
CHIPS AND MODULES. OPTO-SEMICONDUCTORS ARE ELECTRONIC DEVICES THAT EITHER EMIT
OR DETECT LIGHT, AND ARE USED IN A VARIETY OF APPLICATIONS, INCLUDING MEDICAL
LIGHTING, LARGE-AREA LIGHTING, CELL PHONE BACKLIGHTS, AGRICULTURE, PCS, AND
LAPTOPS.

iStock
Chennai-based opto-semiconductor chip maker Polymatech Electronics is investing
$16.2 million (about Rs 136 crore) in Bahrain as part of its strategy to spend
more than $100 million in the Gulf nation by 2027, top company officials said.

This investment marks the first phase of Polymatech’s foray into the Middle East
and North Africa (MENA) market, the officials told ET.



Polymatech designs, manufactures, packages, and assembles opto-semiconductor
chips and modules. Opto-semiconductors are electronic devices that either emit
or detect light, and are used in a variety of applications, including medical
lighting, large-area lighting, cell phone backlights, agriculture, PCs, and
laptops.



"This is the first investment in the kingdom of Bahrain in the field of
semiconductors," Ali AlMudaifa, chief of business development at Bahrain
Economic Development Board (EDB) said. "A project as strategic and as impactful
as this also stands to benefit a lot from our labour fund in Bahrain, which is
aimed towards the human capital development and upskilling of Bahraini talent in
this field."

He added that advanced manufacturing and in particular, microelectronics was
even specified as a subsector of focus under the island nation's manufacturing
and industrial strategy when the economic recovery plan in October 2021 was
launched.


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"So we always had an aspiration to attract this industry to Bahrain and at the
time, we recognised that this is becoming an increasingly important commodity,"
he said. "There was (also) a global shortage of semiconductors and many
countries even enacted certain protectionist measures on this industry, so we
are very excited to have this subsector enter into Bahrain and hopefully to grow
as well."



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Polymatech has leased about 25,000 square feet, which will initially serve as an
assembly unit. However, the company has secured land to set up a 100,000 sq ft
production facility in Bahrain’s Industrial Area of Hidd. The facility will be
established under the brand name Atri.



"Primarily, Polymatech is focusing on two things in the MENA region with Bahrain
as the headquarters - food security and medical electronics," Eswara Rao Nandam,
managing director and chief executive of Polymatech said. "After Covid,
everybody wants to have their own food security. With food security, we have a
full spectrum of lights including for photosynthesis and hydroponics (support
devices) and in medical electronics, there is (chips for) endoscope,
laparoscope, some other operators for surgery and vein finders."

The company plans to have at least 3-4 of its vendors set up bases in Bahrain,
Nandam said.

Nandam said that two vendors from Japan and one from the US "have already
indicated positively" that they would be keen to set up shop there.

This announcement was made during Bahrain's investment promotion agency’s visit
to India, which is covering cities including Mumbai, Bengaluru, and Chennai.
H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief
Executive of Bahrain EDB, said that India has been a strategic region for the
country, given the growth that India is witnessing as well as the growth that
the Gulf Cooperation Council (GCC) is witnessing.

The GCC is a political and economic alliance of six Middle Eastern
countries—Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and
Oman.

"We truly believe that there are great opportunities for both regions to benefit
from the strategies, the plans and the growth," Noor said. "Bahrain is the
gateway to the GCC and the wider MENA region, more specifically the access to
Saudi through the causeway and the strong relationships that underpin that
causeway and the trading between the two countries."

Speaking of her visit to India and potential collaborations with other Indian
enterprises, the minister said that Bahrain has five key strategic sectors that
it is doubling down, which include ICT, financial services, tourism,
manufacturing and logistics.

"These are the sectors, but also we do have teams that go and see the
investments in health and education," she explained. "And there's a lot of
sub-sectors. We've managed to see quite a few companies over the last few days
(in India) of varying sizes, some large conglomerates but also some startups,
which have been quite positive."






READ MORE NEWS ON

PolymatechBahrainMENAinvestmentmicroelectronicsfood security



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   services (for instance, the forms you submit, content you look at), possible
   interests and personal aspects. This can for example be used to adapt the
   order in which content is shown to you, so that it is even easier for you to
   find (non-advertising) content that matches your interests.
   
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 * MEASURE ADVERTISING PERFORMANCE 667 PARTNERS CAN USE THIS PURPOSE
   
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   Information regarding which advertising is presented to you and how you
   interact with it can be used to determine how well an advert has worked for
   you or other users and whether the goals of the advertising were reached. For
   instance, whether you saw an ad, whether you clicked on it, whether it led
   you to buy a product or visit a website, etc. This is very helpful to
   understand the relevance of advertising campaigns.
   
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 * MEASURE CONTENT PERFORMANCE 331 PARTNERS CAN USE THIS PURPOSE
   
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   Information regarding which content is presented to you and how you interact
   with it can be used to determine whether the (non-advertising) content e.g.
   reached its intended audience and matched your interests. For instance,
   whether you read an article, watch a video, listen to a podcast or look at a
   product description, how long you spent on this service and the web pages you
   visit etc. This is very helpful to understand the relevance of
   (non-advertising) content that is shown to you.
   
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 * UNDERSTAND AUDIENCES THROUGH STATISTICS OR COMBINATIONS OF DATA FROM
   DIFFERENT SOURCES 419 PARTNERS CAN USE THIS PURPOSE
   
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   Reports can be generated based on the combination of data sets (like user
   profiles, statistics, market research, analytics data) regarding your
   interactions and those of other users with advertising or (non-advertising)
   content to identify common characteristics (for instance, to determine which
   target audiences are more receptive to an ad campaign or to certain
   contents).
   
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 * DEVELOP AND IMPROVE SERVICES 505 PARTNERS CAN USE THIS PURPOSE
   
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   Information about your activity on this service, such as your interaction
   with ads or content, can be very helpful to improve products and services and
   to build new products and services based on user interactions, the type of
   audience, etc. This specific purpose does not include the development or
   improvement of user profiles and identifiers.
   
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 * USE LIMITED DATA TO SELECT CONTENT 114 PARTNERS CAN USE THIS PURPOSE
   
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   Content presented to you on this service can be based on limited data, such
   as the website or app you are using, your non-precise location, your device
   type, or which content you are (or have been) interacting with (for example,
   to limit the number of times a video or an article is presented to you).
   
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USE PRECISE GEOLOCATION DATA 235 PARTNERS CAN USE THIS SPECIAL FEATURE

Use precise geolocation data


With your acceptance, your precise location (within a radius of less than 500
metres) may be used in support of the purposes explained in this notice.

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ACTIVELY SCAN DEVICE CHARACTERISTICS FOR IDENTIFICATION 112 PARTNERS CAN USE
THIS SPECIAL FEATURE

Actively scan device characteristics for identification


With your acceptance, certain characteristics specific to your device might be
requested and used to distinguish it from other devices (such as the installed
fonts or plugins, the resolution of your screen) in support of the purposes
explained in this notice.

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ENSURE SECURITY, PREVENT AND DETECT FRAUD, AND FIX ERRORS 476 PARTNERS CAN USE
THIS SPECIAL PURPOSE

Always Active

Your data can be used to monitor for and prevent unusual and possibly fraudulent
activity (for example, regarding advertising, ad clicks by bots), and ensure
systems and processes work properly and securely. It can also be used to correct
any problems you, the publisher or the advertiser may encounter in the delivery
of content and ads and in your interaction with them.

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DELIVER AND PRESENT ADVERTISING AND CONTENT 472 PARTNERS CAN USE THIS SPECIAL
PURPOSE

Always Active

Certain information (like an IP address or device capabilities) is used to
ensure the technical compatibility of the content or advertising, and to
facilitate the transmission of the content or ad to your device.

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MATCH AND COMBINE DATA FROM OTHER DATA SOURCES 335 PARTNERS CAN USE THIS FEATURE

Always Active

Information about your activity on this service may be matched and combined with
other information relating to you and originating from various sources (for
instance your activity on a separate online service, your use of a loyalty card
in-store, or your answers to a survey), in support of the purposes explained in
this notice.

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LINK DIFFERENT DEVICES 306 PARTNERS CAN USE THIS FEATURE

Always Active

In support of the purposes explained in this notice, your device might be
considered as likely linked to other devices that belong to you or your
household (for instance because you are logged in to the same service on both
your phone and your computer, or because you may use the same Internet
connection on both devices).

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IDENTIFY DEVICES BASED ON INFORMATION TRANSMITTED AUTOMATICALLY 449 PARTNERS CAN
USE THIS FEATURE

Always Active

Your device might be distinguished from other devices based on information it
automatically sends when accessing the Internet (for instance, the IP address of
your Internet connection or the type of browser you are using) in support of the
purposes exposed in this notice.

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SAVE AND COMMUNICATE PRIVACY CHOICES 305 PARTNERS CAN USE THIS SPECIAL PURPOSE

Always Active

The choices you make regarding the purposes and entities listed in this notice
are saved and made available to those entities in the form of digital signals
(such as a string of characters). This is necessary in order to enable both this
service and those entities to respect such choices.

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