Cube Bio Co., Ltd., a specialist in in vitro diagnostics, announced on the 25th that it has signed a supply and investment agreement to enter the Middle East and North Africa (MENA) and European Union (EU) markets with its self-developed urine-based cancer screening kit.

Through this agreement, Cube Bio has entered into a strategic investment and business agreement with Tareeq Al Yqeen General Trading, based in the UAE, and an investment agreement with Kenooz, chaired by Ahmed bin Salman Al Musallam, Speaker of the Bahraini Parliament.

The MENA healthcare market is one of the fastest-growing markets globally, expected to reach approximately USD 241.3 billion by 2024. In particular, healthcare investments in Gulf Cooperation Council (GCC) countries are increasing explosively, with expenditures expected to expand from USD 104.1 billion in 2022 to USD 135.5 billion by 2027, at a compound annual growth rate (CAGR) of 9.5%.

The EU is a medical market with the world's strictest regulations and high-quality standards. Entering the EU market signifies that the medical technology and products have proven global-level safety and reliability. Medical devices that successfully establish themselves in the EU market can secure high credibility when entering other countries, making this agreement significant as a foothold for global expansion beyond mere market enlargement.

The core of this agreement is that Tareeq Al Yqeen General Trading has secured exclusive supply rights for Cube Bio's products in the MENA and EU. Tareeq Al Yqeen General Trading has extensive experience and expertise in pharmaceutical and medical device supply, hospital management, and medical financing over the past decade, achieving remarkable results in the vaccine supply business by utilizing its global network during the COVID-19 pandemic. Additionally, it holds the UAE license for Johns Hopkins Hospital through its affiliate, J.Hopkins Clinic, which is expected to accelerate Cube Bio's local entry.

The investment agreement with Kenooz is evaluated as a stepping stone for entering the GCC region, with Bahrain as a base, leveraging political stability. To conclude the agreement, working-level officials from each country conducted on-site inspections in Korea, the UAE, and Bahrain and completed prior consultations on major issues, including the establishment of a subsidiary in Ireland, a hub country for medical devices in Europe.

A Cube Bio representative stated, “The preference for K-medical devices is rapidly increasing in the Middle East, and our urine-based cancer screening technology is also receiving significant attention,” adding, “Starting with MENA supply, we will expand our market to Europe and leap forward as a global healthcare company.”

Meanwhile, Cube Bio's urine-based cancer screening technology is a non-invasive test offering greater convenience and cost efficiency compared to existing tests, enhancing the possibility of early cancer detection. This is expected to show high synergy with the MENA region's policy direction of expanding medical accessibility and promoting preventive healthcare, as well as the GCC's local preference for non-contact and non-invasive testing methods.

Currently pursuing a NASDAQ listing, Cube Bio has established a foundation for global market expansion beyond Asia to include the Middle East, Africa, Europe, and the UK through this entry.

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