The UAE is in the process of developing the region’s first stem cells bank that will see the country become a stem cells tourism hub, officials have announced.

The announcement came at the first Mena Stem Cells Forum, held last month, which focused on a $467 billion global industry, and brought all stakeholders to push for increased funding and research that could bring significant changes in people’s life in the Mena region.

The global stem cells market is expected to grow at an incredible compound annual growth rate (CAGR) of 25.5 per cent from 2018 to $467 billion by 2024, according to a research by Market Watch.

 “The stem cells therapy market includes large number of players that are involved in development of stem cell therapies of the treatment of various diseases,” Market Watch said in its report.

“The growth of the market is attributed to the rising number of clinical trials and the growing adoption of stem cells therapies globally. In the context of Covid-19, government organisations in various countries, research institutes, and many biotech and pharmaceutical firms are focusing on effective and rapid technologies for the fast diagnosis of Covid-19.

Dr Rehab Al Blooshi, Acting Medical Director of Dubai Cord Blood and Research Centre, part of the Dubai Health Authority, said: “We already have a stem cells bank within Dubai Cord Blood and Research Centre and we are discussing with other health authorities to develop a nation-wide stem cells bank to strengthen this new scientific and medical innovation sector. It is in the process.”

Dubai Cord Blood and Research Centre offers collection and preservation of umbilical cord from new-born babies and preserve them for 30 years with a fee of around AED9,000 ($2,450). This represents the first stem cells bank in the UAE.