Saudi PIF to Set Up Sawani Camel Dairy Company

Sawani contributes to the development of the local production system to reach sustainability (Asharq Al-Awsat)
Sawani contributes to the development of the local production system to reach sustainability (Asharq Al-Awsat)
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Saudi PIF to Set Up Sawani Camel Dairy Company

Sawani contributes to the development of the local production system to reach sustainability (Asharq Al-Awsat)
Sawani contributes to the development of the local production system to reach sustainability (Asharq Al-Awsat)

The Public Investment Fund (PIF) has set up the Sawani Company to enable the growth of the Saudi camel farming industry and actively contribute to its sustainable development.

Sawani aims to be a leading producer of camel dairy products, supporting Saudi Arabia's wider Food and Agriculture sector and helping to diversify the Saudi economy, in line with Vision 2030.

The company will work in partnership with the private sector to boost the production capacity of the camel dairy industry and seek to elevate the standards of the domestic production ecosystem by modernizing operations, improving the localization of knowledge, and investing in the sector's latest technologies.

PIF has invested strategically in the Food and Agriculture sector to help diversify the Saudi economy and support its unique produce industries.

Among these investments are its creation of the Saudi Coffee Company, which promotes Saudi Khulani coffee beans, and the Halal Products Development Company, which invests in the halal products sector.

Since 2017, PIF has established 84 companies in 13 strategic sectors.

Sawani will place sustainability at the center of all production, distribution, and marketing stages and raise awareness of camel dairy products' health benefits among consumers.

It will also showcase the unique history and cultural heritage of camel husbandry within Saudi Arabia.

Camel milk is commonly known for its nutritional benefits, including high amounts of minerals and vitamins such as A, B, E, and C.

It is also rich in calcium, protein, and antioxidants, considered low in cholesterol, and is easy to digest.

The Head of PIF's Consumer Goods and Retail in the Mena Investments Division, Majed al-Assaf, said Saudi Arabia has extensive experience and knowledge of the camel dairy industry and enormous potential to expand its operational capabilities and the broader ecosystem.

Assaf noted that these factors are a competitive advantage across the entire supply chain, which, alongside investment, "will enable significant growth of the industry, and eventually lead to the export of camel dairy products, which have many nutritional benefits, to regional and global markets."

The establishment of Sawani will support the growth of the Food and Agriculture sector and contribute to sustainable economic and social development, in line with Vision 2030.

A key part of the company's strategy is to increase awareness and knowledge of the industry to preserve it and drive sustainable growth by introducing the best scientific practices in modern manufacturing technologies locally.



Lebanon's New Central Bank Chief Vows to Fight Money Laundering

Lebanon's newly appointed central bank governor Karim Souaid speaks during a handover ceremony in Beirut on April 4, 2025. (Photo by ANWAR AMRO / AFP)
Lebanon's newly appointed central bank governor Karim Souaid speaks during a handover ceremony in Beirut on April 4, 2025. (Photo by ANWAR AMRO / AFP)
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Lebanon's New Central Bank Chief Vows to Fight Money Laundering

Lebanon's newly appointed central bank governor Karim Souaid speaks during a handover ceremony in Beirut on April 4, 2025. (Photo by ANWAR AMRO / AFP)
Lebanon's newly appointed central bank governor Karim Souaid speaks during a handover ceremony in Beirut on April 4, 2025. (Photo by ANWAR AMRO / AFP)

Lebanon’s new central bank governor vowed Friday that the institution will fight money laundering and the financing of terrorism and will work independently away from political intervention.
Karim Souaid, who was speaking after officially taking office in Beirut, added that he will work on restructuring the banking sector, public debt and returning money to depositors, The Associated Press reported.
Lebanon’s economy has been witnessing its worst crisis in its modern history since 2019 and the state must implement reforms demanded by the international community. Such reforms are needed to unlock international aid, and on top of that, Israel’s 14-month war with Hezbollah that caused what the World Bank estimates was $11 billion in damages and economic losses.

Since the historic meltdown began Lebanon has been running on a cash economy and in October, the Paris-based Financial Action Task Force, or FATF, an international anti-money laundering watchdog, placed Lebanon on its “grey list.”
“We will work on implementing international laws on top of them combating money laundering and supporting terrorism,” Souaid said.

The former asset manager added that banks in Lebanon should recapitalize by pumping new money and those that cannot and don’t want to can merge with other lenders. He said that the priority will be to return deposits starting with people who have small accounts. He said the return of deposits should be the responsibility of the banks, central bank and the state.

Souaid said the central bank will study all economic recovery plans put forward by previous governments to help the small nation get out of the crisis.

Souaid also pledged to safeguard the central bank's independence from political pressure and prevent conflicts of interest.
"I will ensure that this national institution remains independent in its decision-making, shielded from interference, and grounded in the core principles of transparency and integrity," he said.

Wassim Mansouri, who had been acting central bank governor since July 2023, said the central bank’s reserves stood at 10.727 billion at the end of March.

Souaid succeeds Riad Salameh, the embattled former governor of 30 years whose term ended with several international corruption cases lodged against him and for embezzlement and other financial crimes.