Halal Products Development Company (HPDC) has signed a Memorandum of Understanding (MoU) with the Islamic Development Bank (IsDB) in order to raise awareness and increase investment in Saudi Arabia’s halal industry.
Under the terms of the agreement, the two organizations will collaborate to promote and amplify opportunities within the Kingdom of Saudi Arabia’s halal sector and the halal industries of IsDB Group’s 57 member countries.
According to the MoU, IsDB and HPDC will explore investment opportunities in key halal subsectors together such as food, pharmaceuticals, and cosmetics, as well as jointly helping to ensure that an ecosystem for high-quality halal products is being developed within the Kingdom of Saudi Arabia.
Furthermore, the MoU establishes means for the two parties to jointly analyze data regarding successful halal ecosystem models, halal markets, and the valuable solutions available within the industry.
Mr. Fahad Al-Nuhait, Chief Executive Officer of HPDC, said that, “By leveraging IsDB’s expertise regarding Islamic finance and commerce, we are in an advantageous position to create value for our partners, businesses, and investors. In addition, this agreement will significantly increase both the development and diversification of the Kingdom of Saudi Arabia’s base economy in line with the aims and objectives of Vision 2030.”
“Our MoU with HPDC is a supportive measure that will allow us to create meaningful, lucrative connections within the rapidly evolving halal industry. By supporting established organizations, as well as newer ones, through initiatives such as incubation programs and halal parks, we are confident in our ability to greatly benefit the Kingdom of Saudi Arabia’s halal ecosystem,” commented His Excellency Dr. Muhammad Al Jasser, President and Group Chairman of IsDB.