Saudi Arabia wealth fund PIF launches Halal Products Development Company

Published: Updated:
Read Mode
100% Font Size
2 min read

Saudi Arabia’s Public Investment Fund (PIF) has launched the Halal Products Development Company (HPDC) which will invest in the localization of Halal production and to consolidate the Kingdom’s position as a global Halal hub, the official Saudi Press Agency reported on Monday.

For the latest headlines, follow our Google News channel online or via the app.

The HPDC will support the development of knowledge and innovation in the industry and increase its efficiency as it plans to eventually export products to different markets around the world.

The company will enable local industry players, especially small and medium-sized businesses, to grow and expand in global Halal markets, develop the Halal production industry within Saudi Arabia, and initiate greater job creation through partnering with key local and international players in the market.

“HPDC aims to localize knowledge, technology, and innovation for the development of Halal products including foods, cosmetics, and pharmaceuticals,” the SPA report stated.

“The company also aims to promote investment and economic opportunities for the industry by introducing various services, including specialized advisory. The company will also enable PIF and its portfolio companies to access a variety of collaboration and investment opportunities across global Halal markets.”

The launch of the HPDC is in line with PIF’s strategy to develop and enable opportunities and capabilities in key sectors and to contribute to the diversification of the economy and growth of the Kingdom’s non-oil GDP, underscoring the objectives set out in Vision 2030.

Read more:

Zain Saudi Arabia moves ahead on towers sale to PIF-led group

Saudi PIF starts selling debut green bonds

Saudi Arabia aims to raise industrial sector’s contribution to GDP to $240 billion