ICELAND
Iceland’s three largest banks – glitnir, Landsbanki
lIFe scIence
and Kaupthing – are all being restructured, with their
Iceland’s geographical remoteness makes it an
ideal natural laboratory. It has unique databases
domestic operations separated and re-capitalised. and bio-banks containing medical and pathological
they will remain government-owned for some time
records.
the country offers a rare resource for
alfesca deals in ‘everyday luxury’ products Hilmarsson. ‘Universities are growing areas of population-based genomics. Everyone is covered
and no longer in raw fish: ‘there have been a study that match the economy.’ by its genealogy database, stretching back
lot of changes in the past few years,’ says Ms the University of Iceland is developing a centuries. the identification of genes underlying
Ingolfsdottir. ‘we are trading in value-added science park next to its campus in the capital various common diseases, from heart attack to
products, such as smoked salmon, which and has, along with the University of reykjavik, cancer, has already led to the first clinical trials
accounts for 45 per cent of our revenue. we also ambitions to be rated among Europe’s top 100 of preventive target drugs in Iceland.
do foie gras, blinis and spreadables, and prawns.’ universities. the latter will teach in English only. technical sophistication and a population
although Icelandic-owned, all alfesca’s an international university began educating willing to volunteer for research programmes
production comes from elsewhere: salmon, students in 2007, sponsored by private and public has helped drive a rapid expansion in life science.
for instance, comes from scotland, Norway or money. this is due to be part of the aerotropolis Iceland is also home to leading companies in
alaska. the company has 12 production plants project and is expected to eventually have 1,500 generic drug production and medical technology
in scotland, England, France, Italy and spain. It foreign students. such as diagnostics and prosthetics.
owns familiar names such as Lyons seafood, and Meanwhile alcoa, through its educational Geothermal areas foster a unique
says brand recognition is one its greatest assets. foundation, has invested in an exchange biodiversity. Iceland’s environment and climate
It also produces for sainsbury’s and tesco. programme between Iceland and america to allows for pesticide-free agriculture and
encourage study and research between the two horticulture, and automatic in-field containment
educatIon nations. ‘american and Icelandic universities will of many transgenic plants. Valuable proteins are
Iceland is among the world’s most literate nations. share their knowledge, break down barriers that being produced from transgenic barley; and
small it may be, but it offers an abundance distance builds,’ says tomas Mar sigurdsson, cheap geothermal water and electricity make
of higher education options. “we have eight managing director, alcoa Fjardaal. ‘It will enrich Icelandic greenhouses ideal growth chambers,
universities – a lot in a small country,” says the scientific and artistic life in both countries.’ offering a pure, controlled environment. n
The Middle East Association with the support of the
City of London Corporation will be staging the fourth annual
City & Gulf Co-operation Council
Countries (GCC) Conference

at the Merchant Taylors’ Hall in London on 25 June 2009
For further details Last year’s successful conference brought together over 250 representatives
please contact: from the Gulf and the City. This year, delegates will be meeting against the
Natasha Mann backdrop of the global economic downturn when the financial sector faces
Middle East Association unprecedented uncertainty and needs to identify new and surer regulatory and
33 Bury Street, business models. They will hear, and have the opportunity to question, the views
London SW1Y 6AX of senior government and private sector representatives from the UK and the
Tel: 020 7839 2137 Gulf on the lessons learned from the financial crisis. But events have underlined
Fax: 020 7839 6121 the constant need for (and the benefits of) close co-operation between GCC
natasha@the-mea.co.uk financial centres and the City. As in previous years, the conference will provide
an excellent opportunity for high-level networking with speakers, panellists
and fellow delegates. The thriving economies of the Gulf and their developing
financial centres continue to offer strong opportunities for City of London
and GCC cooperation.
www.cityandgcc.com
pAthfINDEr buSINESS l JUNE/JULY 2009 19
PBS12 pp12-19 Iceland.indd 31 5/6/09 15:26:45
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