The Public Investment Fund (PIF) announced on Sunday the establishment of Al Madinah Heritage Company (MHC), reported the Saudi Press Agency.
The new company will play a key role in improving the quality and production capacity of Ajwa dates in the Madinah region. The launch of the Company will help further develop the Saudi Food and Agriculture industry and drive the diversification of Saudi Arabia’s economy, in line with Vision 2030.
Ajwa dates are widely considered among the finest dates in the world, due to their high nutritional value and significant health benefits. They are also a rich source of fiber, protein antioxidants and other nutrients. In addition, Ajwa dates have a religious and cultural value in the Muslim world, and for visitors to the Madinah region, in particular.
PIF has invested strategically in the Food and Agriculture sector to help diversify the local economy, and support its unique produce industries. Among these investments are its creation of the Saudi Coffee Company, which promotes Saudi Khulani coffee, the Halal Products Development Company, which invests in the halal products sector and the Saudi Agricultural Investment and Livestock Production Company (SALIC).
As well as boosting production, the MHC will focus on promoting and distributing Ajwa dates both locally and internationally in addition to other date varieties to meet growing global demand. The company will contribute to the wider development of sustainable agriculture in the Madinah region through the adoption of the latest agricultural technologies.
Head of Consumer Goods and Retail in the MENA Investments Division at PIF Majed Al-Assaf said: “Saudi Arabia is one of the world's most prominent producers and exporters of dates, and its products have always been of the highest quality, catering to wide consumer demand. The dates industry is a key component of Saudi Arabia’s Food and Agriculture sector and has an important role to play in the realization of Vision 2030.”
The establishment of Al Madinah Heritage Company demonstrates PIF’s commitment to enabling the Food and Agriculture sector, one of the promising sectors in Saudi Arabia that can support the diversification of the national economy.
