The Public Investment Fund (PIF) announced the launch of the Halal Products Development Company, which will invest in localizing the Halal production industry in Saudi Arabia by increasing the efficiency of the ecosystem locally.
The company will also support the development of knowledge and innovation in this key industry, with plans to export to different markets globally.
Building on Saudi Arabia’s position in the Islamic world, HPDC will aim to unify global efforts and promote Saudi Arabia as a global Halal hub, state news agency SPA reported.
The company will allow local players, small and medium-sized enterprises in particular, to grow and expand across global Halal markets, and will develop the Halal production industry in Saudi Arabia through partnerships with key local and international players to enrich the ecosystem locally and contribute to job creation.
HPDC aims to localize knowledge, technology, and innovation for the development of Halal products including foods, cosmetics, and pharmaceuticals.
The company also aims to promote investment and economic opportunities for the industry by introducing various services, including specialized advisory. It will enable PIF and its portfolio companies to access a variety of collaboration and investment opportunities across global Halal markets.
The launch of the company aligns with PIF’s strategy, which focuses on developing and enabling the capabilities of key sectors– including consumer goods and retail, and food and agriculture – to improve the trade balance, localize and develop the industry, and contribute to the diversification of the economy and growth of non-oil GDP, underscoring the objectives of Vision 2030.
