Israeli blood test startup Sight Diagnostics inks deal for distribution in UAE

Israel’s Sight Diagnostics, a startup that analyzes blood samples with a small device in minutes, has inked a deal to install its products in the United Arab Emirates and other Gulf countries.

The company said on Wednesday it had agreed to a distribution partnership with the Dubai-based business development firm Phoenix Capital.

Sight will provide its OLO blood analyzer machines to nine medical centers owned by Phoenix in the UAE, and in the next year, the two companies will work to expand Sight’s presence in other parts of the Gulf region. A statement from Sight said Saudi Arabia would be included, without providing details.

Most outpatient medical facilities in the UAE use outdated laboratory equipment that is not practical for on-site, or point-of-care, testing and diagnostics, Sight said in a statement.

Abdullah Saeed Al Naboodah, the chairman of Phoenix Capital, said, “We chose Sight OLO because it simply meets the needs of the clinics we distribute to. With the influx of patients due to COVID-19, having access to fast, accurate fingerprick diagnostics is essential to quickly and correctly triage and treat our clinics’ patients.”

Sight said the estimated market for point-of-care diagnostics in the Middle East and Africa is expected to reach $2.85 billion by 2024. Sight said its technology is awaiting approval for point-of-care use.

Israel and the UAE signed a normalization agreement in September, allowing for commercial ties between the two countries and leading to flurry of activity between them. There was some public cooperation between the two governments in the medical field even before the normalization agreement.

An Israeli delegation of some 200 entrepreneurs and businesspeople attended the UAE’s major Gitex technology summit in Dubai this week for the first time. The weeklong conference featured two events focused on Israel-UAE collaboration.